New Vernon Private Equity Ltd, a US-based equity
fund, will invest $10 million in Eastern Condiments,
the flagship company of Calcutta-based Eastern group.
Condiments, the largest exporter of packed curry powder
to countries in West Asia, would use the new capital
for expanding its footprint across the country by setting
up new units, Navas Meeran, managing director of the
Eastern group, said.
said the company had gone for fresh investments to expand
and consolidate its core activity of curry power manufacturing.
are focusing the South-West corridor as the main area
of expansion in the next three and five years,"
he said adding the company had already established a
sizeable presence in Mumbai with a sale of 20 tonnes
of curry powder in a month.
company also had plans to enter into North Indian states,
the expansion plans, he said the group would start two
factories each having a 100-tonne daily capacity of
curry powders within the next two to three years.
The factories would be set up at Kothamangalam in Ernakulam
district and Guntur in Andhra Pradesh. The company at
present has a factory at Adimali with a 70 tonne daily
group was targeting a turnover of Rs163 crore in 2006-07
against the previous year's turnover of Rs122 crore
and a profit of Rs21 crore against Rs 18 crore last
Eastern group has business interests in areas such as
tread rubber, mattresses, garments, packaged drinking