Everest Spices to set up manufacturing unit in Zanzibar

Everest Spices is planning to invest around Rs 100 crore to set up a manufacturing unit in the African nation of Zanzibar.
"During the Mumbai visit of Zanzibar President Ali Mohammed Shein on Saturday, we have signed an MOU to set up spices manufacturing unit in Zanzibar. The unit, expected to come up in 3 years time, will cater demand of our products in the African market," Everest Executive Director Sanjeev Shah told PTI here.
The company plans to invest around Rs 70 to Rs 100 crore in its first overseas manufacturing venture, Shah said.
On the domestic front, the company plans to expand operations by adding another plant with a capacity of 100 tonnes a day at Umbergaon in Gujarat, and has already acquired the land and hopes to start the facility by 2016, he said.

The company proposes to invest Rs 150 crore, which will be raised through internal accruals, Shah said.
The company already has three facilities in Mumbai and Umargaon having 130 tonnes a day.

Shah said Everest started a brand building exercise in 2003 and captured 30 per cent share of the branded pure spices market by 2005 in India.
Today the total market size of branded spices is estimated at Rs 6,600 crore and is growing at 14 per cent per annum.
The company is hopeful of achieving sales turnover of Rs 800 crore in FY'14 as compared to Rs 600 crore last year, he said.

The company exports 10 per cent of its products to the US, the Middle East, Singapore, Australia, New Zealand and East Africa.