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Monin, the renowned French syrup company, is embarking on an ambitious expansion journey in India and is set to invest Rs 300 crore in a cutting-edge plant in Telangana. This visionary move, initially announced in 2018, is now taking concrete form this week, according to Olivier Monin, Chairman of Georges Monin SA. The substantial investment in Monin India Pvt. Ltd. originates directly from the family-owned French enterprise. In the project's initial phase, spanning the first two years, the focus will be on localizing production by utilizing locally sourced raw materials. The subsequent phase, slated for completion by 2027, aims to position India as a pivotal production hub for exporting Monin's products to neighbouring Southeast Asian nations.
Olivier Monin disclosed that the company had allocated Rs 50 crore in 2018 for the acquisition of over 40 acres of land, a strategic step to establish research and developmental labs aimed at fine-tuning its product offerings for the local market. Presently, India constitutes only a modest segment of the Monin market, with the company primarily directing its attention towards Western countries for substantial sales volumes. However, Monin anticipates that this scenario is poised to change dramatically in the coming years, potentially resulting in a tenfold increase in business volume. Elaborating on the company's strategic rationale for establishing a factory in India, Olivier Monin emphasized the need to localize production due to a significant portion of the current demand being met through product imports from Malaysia.
Monin articulated the company's aspiration to evolve into a local brand, akin to the successes achieved in the American and Malaysian markets. He highlighted India's immense potential, characterized by its sizable youthful population, and expressed optimism about the nation's future over the next 15-20 years. He underlined India's significance not only as an untapped commercial opportunity but also as a dynamic and diverse market brimming with talent and innovation. Monin's newly established facility in India is expected to play a pivotal role in realizing the company's vision of delivering premium beverage solutions to its global partners. Like many businesses in the spirits industry, the Covid-19 pandemic posed significant challenges to Monin worldwide.
Despite encountering a brief period of disruption, Monin achieved remarkable growth of 30% between 2011 and 2021, serving corporate clients as well as making its products available in approximately 2,000 retail stores across India, ranging from commercial outlets to smaller variants. The economic policy thinks tank ICRIER reported that India's non-alcoholic spirits market reached a substantial Rs 67,100 crore in 2019. This market is projected to continue expanding, reaching Rs 1.47 trillion by 2030 with a compound annual growth rate (CAGR) of 8.7%. This category encompasses a wide range of products, including juices, packaged water, and other beverages.
Monin currently operates seven production facilities worldwide, comprising two in France, two in the USA, one in Russia, one in Malaysia, and one in China. These cutting-edge facilities in India, as well as the addition in Brazil, mark the latest enhancements to Monin's production capabilities.
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