Nearly a decade after it debuted in India with its syrups, the U.S. chocolate maker Hershey Co. said it will invest $50 million here.
A company spokesperson said today the investment—which will take place over five years—is aimed at ramping up its manufacturing capability, although it didn't specify where it would invest or how many jobs will be created as a result.
The company, to mark its ten years in India, launched its iconic chocolate, Kisses, in south India. The chocolate will be available in three flavours and priced at Rs 50 for 36 grams and Rs 140 for 108 grams.
Hershey said the chocolate market in India is worth $1.2 billion, growing annually at 11 percent There's significant room for growth within this market, it said.
The chocolate maker has been on an acquisition spree in the U.S. Last month, it announced the acquisition of brands, including Pirate's Booty and Smart Puffs from B&G Foods Inc., for $420 million to target a younger demographic.
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