Adani Wilmar aims to become the largest food company in the country over the next 5-7 years, replicating its success in the edible oil business where it is the leading player, a top company official said on Wednesday.
The company, which is a 50:50 joint venture between Gujarat-based Adani Group and Singapore-based agri business group Wilmar, aims to be in the top three nationally in five products, including wheat flour and pulses, to achieve its target.
"In edible oil business we have had a journey of 20 years. During this period, we acquired companies, set up new factories and also enhanced our distribution network. Now the same journey we have started in the food business," Adani Wilmar Deputy CEO Angshu Mallick told PTI.
In order to scale up the business, the company has recently acquired assets, including factories in various states like Punjab and Madhya Pradesh, he added.
Mallick said there are not many players who are active nationally in segments like pulses, wheat flour and sugar and the company with presence in five such products has good chance to lead the segment.
"Now this is not a journey of 20 years, this is now a journey of 5-7 years. Within seven years we want to be the largest food company. For that we will have to be among top three nationally in segments like rice, wheat, pulses and sugar. If we are in the top three in these categories we can be the leaders in food segment," he added.
The Ahmedabad-based company has 21 percent market share in the edible oil segment and has 25 factories catering to the segment across the country.
Mallick said Adani Wilmar will be open to acquisitions in the food segment as well if it finds suitable options.
He said the company is also in the process of having separate marketing teams for the food business to scale it up to the edible oil business.
Mallick said that increase in income levels, and focus of young buyers on hygiene and quality products were among the top factors which would help the branded food business to grow in the country.
The company on Wednesday said it is in the process of transforming its brand identity.
In less than two decades, Fortune brand has evolved from being the number one cooking oil brand to be among the fastest growing Foods brands in India. The new visual identity is to convey this transformation to our customers. The new logo reflects modern aesthetics while keeping intact the Fortune brand's core philosophy," Mallick said.
The transformation of Fortune's visual identity is also aimed at defending its position in markets, and to continue to be relevant to younger households, he added.
Brand Fortune came into being 2000 with three offerings Fortune Soyabean Oil, Fortune Sunflower Oil, and Fortune Cottonseed Oil.The company entered the foods segment in 2013, with the launch of besan (gram flour). It was followed by the launch of soya chunks in 2014, Basmati rice in 2015, and wheat flour in 2017. The ready-to-cook khichdi was launched in 2019.