Britannia eyes pole position in biscuits

Eyeing the number one slot in the biscuits market over the next three years, FMCG company Britannia Industries Limited is planning to infuse a capital of Rs.150 crore-Rs.200 crore over the next two fiscals, its top official said Tuesday.

Addressing shareholders at the company's 95th annual general meeting, company chairman Nusli Wadia said the company's share in the biscuit market has gone up by 1.2 percent over the last one year and now it is only three percent behind leaders Parle.

"This is not much. We want to bridge the cap in the next three years," Wadia said.

"We are now drawing up the details of our capital expenditure. The stress will be on launching new products, capacity addition technological upgradation and innovation," Wadia said.

He said that during the past year, the company has outgrown the market in terms of both volume and value.

The company has also set its sights on capturing a good market share in the SAARC countries.

"We want to have a greater presence in SAARC countries. Bangladesh, as also Sri Lanka are the focus areas," he said.

The rising price of milk had adversely hit the company's margins, said Wadia.

The company's Daily Bread Gourmet Foods subsidiary, which sells premium bakery products from its own stores in Bangalore, has not done well, and the company would take a call on it soon.

"The Daily Bread business is not a shining star and a business we do not need to stay in. We will take a call soon."