Italian confectionery major Ferrero will invest another Rs 500 crore to take its total investment to Rs 2,000 crore in India, as part of plans to expand its production facility and distribution network, said a top company official.
"India is an important market because the potential is very big... Today, it is relatively small but the idea is that India would grow many folds. The ambitions are big. The idea is to multiply our turnover of today and it would take some time," Ferrero India Managing Director Stefano Pelle told PTI.
The company is now aiming to further penetrate into tier II and III cities by doubling its distribution network over the next 2-3 years.
Besides, Ferrero -- which has brands like Ferrero Rocher, Kinder, Tic Tac and Nutella -- is considering to get into the affordable segment in the sugar confectionery with value-based offerings and small SKUs (stock keeping units) in chocolate side.
Once, Ferrero has right kind of portfolio and have right through the market, then definitely India would be among its "three biggest priority market for us," Pelle added.
On being asked about the investment, Pelle said: "There are plans to increase it."
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