New Delhi: Dharampal Satyapal (DS) Group that sells consumer goods under brands like Catch and Pass Pass, on Tuesday said plans to invest Rs 150 crore for its foray into confectionery segment.
"DS Group will be investing around Rs 150 crore in setting up of this new business that will add to the topline of the group in its first year," the group said in a statement.
It has launched 'Chingles' chewing gum under the Pass Pass brand umbrella as the first step of getting into the confectionery market.
"The leading brand of DS Group, Pass Pass shall now encompass a broader portfolio of confectionery with Pass Pass Chingles as the first offering," the company said.
The company has priced the new product at Re 1 for 2.52 grams for a sachet and Rs 5 for 10.8 grams for a zipper pouch, it added.
Commenting on the new business, DS Group Director Puesh Kumar said: "DS Group has forayed into the growing confectionery business to expand its foot print in the food space. Food business, especially confectionery will be a new growth driver for the company."
Citing industry estimates, the company said the entire confectionery market in India is a little over Rs 9,000 crore, of which the chewing gum market is around Rs 1,600 crore, growing at 25 percent.
DS Group also has presence in sectors such as food and beverage, hospitality, mouth fresheners, tobacco, packaging and infrastructure.