by Suman Gupta
· Invested Rs.185Cr in expansion to Lotte Choco Pie factory in Nemam, Kancheepuram
· Aided in creating 200 job opportunities for the local citizens
September 2023 – One of India’s leading players in the confectionery industry, Lotte India today announced the official opening of its expanded factory in Nemam, a suburb of Chennai city in Tamil Nadu. The company has invested Rs.185Crores in the 85,562 square-foot expansion of the confectionery factory to increase production of its iconic Lotte Choco Pie products. Lotte India celebrated the factory’s official opening in the end of September 2023.
The investment will play a key role in strengthening Lotte India’s strong leadership in the Indian confectionery market and will create an additional 200 jobs for the people in and around Nemam. The company has exhibited exceptional growth, with annual sales surging from Rs. 1,681 million in 2007-2008 to 4,965 million in 2021-22, reflecting an impressive year-on-year growth rate of over 21%. In the fiscal year 2022-23, the company achieved an annual sale of 6,572 million. The expansion, initiated in October 2022, was driven by the necessity to meet the surging demand and sustain this remarkable growth trajectory.
Commenting on this development, Mr. Milan Wahi, Managing Director, Lotte India said, “This expansion builds on Lotte India’s rich history in India and comes at an exciting time for our overall investment and growth in the country. With an additional 85,562 square-foot, our factory’s facility area has witnessed a substantial expansion, increasing from 18% to 32%, making it one of the largest factories in India at a total size of 5,16,398 square-foot. Our state-of-the-art factory in Nemam has been accoladed for maintaining the highest safety and hygiene standards since its inception in 2010. We have achieved ‘Zero Accident Hours’ in the last 10 years due to high safety standards practiced inside the factory. With a 99% retention rate at the factory, Lotte India is now set to warmly welcome 200 workmen in its expanded factory.”
“Nemam has specifically been a great place to expand into, as there is a healthy job force, and space for development. The augmented production capacity now stands at 1420 Tons/Month. This substantial increase equips Lotte India to meet the rising demand for its products in the Indian market and also support potential opportunities for export in future.” He concluded.
