Breakfast cereal maker Bagrry's today said it is looking at acquiring companies or brands worth up to Rs 50 crore as it plans to enter new categories like natural food.
The company, which is gearing up to enter packaged Indian breakfast range, also said it will invest Rs 15 crore on expanding the production capacity, which includes setting up a new plant, and marketing activities.
It is also looking at expanding its portfolio by introducing a range of packaged Indian breakfast food in the next six months. The firm sells four products in the breakfast cereal category - oats, muesli, wheat bran and cornflakes.
"We are working on several products like the ethnic Indian style breakfast food but with the goodness of certain ingredients for instance 'Upma'. It will be packaged and ready to use and something which Indian consumers would have a taste for like brown sushi," Bagrry's India managing director Shyam Bagri said.
According to him, the Indian breakfast market is around Rs 2,000 crore, of which cereals like cornflakes, oats and muesli comprise around Rs 500 crore.
Besides, the company is also in the process of setting up its third plant in Ghaziabad apart from expanding its two existing facilities in Himachal Pradesh and Rajasthan.