The Board of Directors of Hindustan Foods (HFL) has approved an investment of Rs. 30 crore through its wholly owned subsidiary company for the acquisition of business engaged in manufacturing of Ice cream cones and sleeves. This acquisition marks HFL's foray into cone manufacturing with a capacity of nearly 1 million cones per day. The current customers include India's largest multinational ice cream company.
Manojkumar Patani, President of the Ice Cream Division, Hindustan Foods commented, “The recent changes in the GST rates on ice creams have created structural tailwinds for this product category and at HFL, we continue to believe that the Ice Cream Division can be a substantially growth driver in the future. In addition to the nearly INR 250 crores of investments planned in this year in setting up greenfield ice creams plants, this investment aligns with our commitment to expanding the footprint in Indian ice cream industry. The business is strategically located close to our new ice cream plant and we are confident that we should be able to drive synergies between this new acquisition and our existing ice cream factory. The investment along with the commercialization of the ice cream stick factory at Lucknow, positions us meet the growing needs of our customers for the upcoming season. We look forward to leveraging the expertise and capabilities of the acquired businesses to further grow the cone manufacturing business alongside our ice cream manufacturing business.”