Production plants in Saudi Arabia and Serbia to commence operations by the second quarter of 2017

July 25, 2016

CG Foods, the FMCG division of CG Corp Global - a diversified conglomerate operating in 30 countries, with over 112 companies, 76 brands and a work force exceeding 10,000 - is targeting revenues of USD 50 million from its 'Wai Wai' brand of instant noodles across the GCC by 2020. Currently sold across more than 30 countries and generating over USD 120 million in sales globally, CG Foods have also announced plans to set up Wai Wai production plants in Saudi Arabia and Serbia to cater to demand across the Middle East and Europe and Russia respectively. At present, CG Foods have 6 noodle lines in 3 locations across Nepal and 7 noodle lines in 6 locations across India, with a total global production capacity of 2.2 billion packets per year.

With annual sales exceeding 1.8 billion packets globally, Wai Wai is currently widely available across the GCC in leading retailers including the LULU Group, Carrefour, Geant, Al Meera, West Zone, Grand Hypermarket and Ansar Gallery. Aiming to capture 20 percent of the market share in the GCC, the plant in Al Khobar, Saudi Arabia will have an annual production of 120 million packets in the first phase and 240 million packets in the second phase, and provide employment for at least 150 staff. In addition, the state-of-the-art plant located in the Ruma Municipality, Voivodina Province, Serbia will have an initial capacity of 3 million packets in one shift per month and employ over 300 staff in the first phase of operation. At present, CG Foods is expanding its market reach by appointing more distributors across the Middle East and the Balkans with the aim to have both plants fully operational by the second quarter of 2017.

Commenting on the company's expansion plans, Nirvana Chaudhary, Managing Director, CG Corp Global, said "The plants in Saudi Arabia and Serbia represent another milestone as part of our Mission 2020 plan for CG Foods. Our aim is to have 28 percent market share in targeted countries and regions; 34 percent and 57 percent market share in India and Nepal respectively; and global sales of more than 6 billion packets annually with a global market share of 5 percent. In order to achieve the same, we have to expand our production footprint, which will entail manufacturing set ups in at least ten different countries with high CAGR and high growth potential. Simultaneously, we are also looking to work closely with leading distributors from across the region to ensure Wai Wai has a significant retail presence."

One of South-Asia's largest multi-dimensional conglomerates, CG Corp Global has diversified business interests in segments including FMCG, Hospitality, Education, Power, Energy, Real Estate, Cement, Telecom, Biotech and Financial Services. Today, CG Corp Global has interests across a variety of FMCG products. The best-known product under the CG Foods arm is Wai Wai instant noodles, one of Nepal and India's most popular instant noodle brands. Other noodle brands include Wai Wai Quick, Bingo, Tenz, Mama, Soaltee, MiMi, Sathi and Rin Tin. Further, fried snacks, wafers and potato chip brands include Kwiks, Tic Tic and Zoom. In beverages, Rio fruit juice and Thist PINepal Ice & Rio natural spring water are popular in the region.

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About CG Corp Global
CG Corp Global is a transnational conglomerate with an exceptional legacy of 150 years. Present in over 30 countries and 5 continents with 76 brands, 80 companies and with an employee base of 10,000 people, it is Nepal's first and only Nepalese Billion Dollar conglomerate to be featured in the Prestigious Forbes List of Billionaires since the year 2013 that produces world class products, brands and services. The Group's notable areas of interests are FMCG, hospitality, finance, banking, cement, real estate, electronics, telecom, education, energy, biotech, power, and retail to name a few.

© Press Release 2016