n order to fund the expansion projects, Farmax India is eyeing to raise Rs. 250 crore through the Global Depository Receipts (GDRs).
The company said part of the proceeds from the GDRs will be utilised to acquire rice and cereal mills and process houses, while the remaining amount would be used to fund its capital expenditure of personal care and food products.
The company has strong presence in the consumer goods segments and has a modern manufacturing facility along with in-house research and development near Hyderabad.
Besides, the company has a fully-automated plant, which produces a 1,650 kg of vermicelli per hour.
The company has become the 2nd largest vermicelli manufacturer in India, (in terms of installed capacity), with a monthly production capacity of 1,188 tonnes from 468 tonnes earlier. For this, the company has installed fully imported machines from Italy at its Bowrampet plant.
Apart from vermicelli, the company also manufactures coconut oil, toothpaste and mosquito coils.
Farmax India also has plans to establish exclusive retails shops in collaboration with local dealers and shop owners with an understanding to exclusively market its products.
At present, the company has distribution network in 9 States in India with over 600 distributors and about 400,000 retail outlets situated in rural and semi urban areas (tier II and III towns). With the launch of new products, Farmax plans to establish its brand in tier-I and other major cities.
Farmax India is a Fast Moving Consumer Goods (FMCG) company. The company manufactures and retails consumer durables. The company was formerly known as Bhagyanagar Castings Ltd. and changed its name to Farmax Retail (India) Ltd. in June 2009. Farmax Retail (India) Ltd. was incorporated in 1995 and is based in Hyderabad, India.