Hyderabad, Mar 28 (PTI) Dairy company Heritage Foods plans to boost the contribution of value-added products to 40 per cent of the targeted Rs 6,000 crore overall revenue in the next four years, from 24 per cent as of last year.

The company today launched premium range of ice creams under the brand name “ALPENVIE” targeting college goers and young adults.

It plans to invest Rs 80 crore on this range in the next four years.

“We expect our brand (ALPENVIE) to grow to about 50,000 litres per day (Rs 230 crore annum) in the next four years contributing to our Rs 6,000 crore (overall) revenue mission by 2022”, the company’s Executive Director Brahmani Nara said.

She said value added products and geographical expansion will be key growth drivers for the company, which had revenue of close to Rs 2700 crore in 2016-17.

Brahmani said acquisition of the dairy business of Reliance Retail has helped Heritage Foods to increase its market presence to 15 states.

“We are looking at several value added products”, she told PTI.

The company has inked a joint venture with French firm Novandie, under which flavoured and fruit yogurt products would be available in the Indian market by this calendar year-end.

“We are looking at a large portfolio of flavoured and fruit yogurt”, she said.

According to her, India’s dairy industry is growing 15 per cent Year-on-Year. She said the penetration of value added products in the dairy sector is extremely low, offering the company a huge opportunity in this “untapped market”.

Heritage Foods, Brahmani said, is looking at spending about Rs 100 crore every year in the next four years on processing facilities, procurement infrastructure and distribution.

This is published unedited from the PTI feed.