Gemini Edibles Picks 70% Stake In TN-Based Sree Annapoorna Foods

Hyderabad: City-based Gemini Edibles & Fats India has forayed into the masala (grounded spices) business with the launch of a joint venture, GEF Foods India Pvt Ltd. Gemini Edibles & Fats India, a subsidiary of the vegetable oil company Golden Agri-Resources, has acquired 70 per cent stake in Coimbatore-based Sree Annapoorna Foods, to manufacture and distribute masalas and other products.

The Hyderabad company has been into production and distribution of edible oils and speciality fats, with a refining capacity of 2,450 metric tonne per day. The Company retails the ‘Freedom’ brand of oils across India.

“About Rs 70 crore has already been invested in the joint venture. We will invest another Rs 50 crore to establish a manufacturing facility under the joint venture moving forward,” Vice President of Gemini Edibles and Fats India Group, Akshay Chowdhry said.

P Chandra Shekhara Reddy, Senior Vice President of Sales and Marketing, Gemini Edibles and Fats India Ltd, informed that the company reported revenues of Rs 9,500 crore in the last financial year and expects to grow to Rs 12,000 crore in the current financial year.

Vijay Prasad, Managing Partner, Sree Annapoorna Foods, added that with the launch of the newly formed entity, GEF Foods Pvt Ltd, is expected to record revenues of Rs 100 crore in its first year of operations. Prasad, who will also serve as the CEO of GEF Foods India Pvt Ltd, said he expects the company to generate Rs 1,000 crore in revenue over the next five years.