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Vikas Multicorp Ltd. ventures into new FMCG segment with Cashews Processing Project

Posted On: 2020-12-02 02:18:13 (Time Zone: Arizona, USA)

Vikas Multicorp Limited (VML) has announced its latest initiative in the FMCG segment, with its foray into Cashews Processing project.

VML plans to setup a raw cashew processing unit in designated food park in the state of Haryana - offering a host of subsidies, incentives and other tax benefits, with an estimated initial capex outlay of Rs.100 Million. The project is expected to initially process 4500 MTPA of Cashew nuts, providing a finished cashew output of 1000 MTPA. The Company has engaged Mr. Rakesh Gupta of Muskaan Group, a well-established consultant with extensive track record in the field of Cashews Processing Projects, on turnkey basis.

VML is in advance stage of negotiations for strategic partnership with few established FMCG Players to channelise the raw Cashew procurement at competitive prices and back{o-back buy-back tie-ups for processed and packed Cashews in premium and ultra-premium segments. In addition, VML intends to launch and market processed and packaged Cashews under its own brand through B2B and B2C segments.

Commenting on the development, Mr. Vijay Kumar Sharma, CEO of the Company said "This is in line with our, well thought out, strategy of diversifying and expanding our footprint in consumer-oriented businesses. India is amongst the leading producers, processors, consumers, and exporters of cashew nuts in the world. The demand for cashew nut is consistently increasing, which is what has led to our decision to foray into this segment.

It is one of the important agricultural commodities exported from India to many countries in the world. The country is hub for processing of cashew nut due to availability of skilled labour and other strategic advantages.

With emerging middle class and increasing per capita disposable income, cashew is fast becoming regular snack, replacing its luxurious image, the Domestic Consumption is growing at 15% per annum.

While 50% of our produce is estimated to be deemed exports via the buyback arrangement with other established FMCG Players, we intend utilising the balance capacities to feed the domestic market via our own brand. The production from the said unit is estimated to start by mid 2021. At peak utilisations, this division could contribute revenues of Rs.650 Million by end of FY22-23 that too with double digit EBIDTA margins.

Source: Equity Bulls

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