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Saraf Food Ltd, a Vadodara-based food processing company specializing in freeze drying, will invest Rs 60 crore in a manufacturing plant in Vaghodia, near Vadodara. The company aims to diversify into air drying, add capacities in freeze drying and strengthen backward integration by individual quick freeze (IQF). Saraf Foods has a significant presence in global markets like the United States, Europe and the United Kingdom.
“We have set a target to roll out the air-drying operations by end-November 2017. The site development for the new facility is already underway and the building construction is expected to start shortly. The investment will come through an equal mix of debt and equity, while we have also obtained the approval for a sum of Rs 10 crore as cold chain subsidy from the ministry of food processing industries (MoFPI),” said Suresh Saraf, chairman and managing director, Saraf Foods Ltd.
IQF is expected to start functioning by mid-January 2018. The new freeze-drying unit will commence operations by the end of April 2018. Freeze-dried food has made steady inroads, given the fast-paced lifestyle globally, which has pushed up the demand for instant foods with a longer shelf life to save on time.