A customer shops for frozen food inside a store (Photographer: Scott McIntyre/Bloomberg)

Snowman Logistics Aims To Grow At 22% On Capacity Expansion

Snowman Logistics Ltd. aims to grow at 22 percent a year, after the frozen food company doubles its capacity in the next three years.

The uptrend in growth will begin in the upcoming financial year itself, the company's Chief Executive Officer Sunil Nair told BloombergQuint in an interview. “There is enough demand in the market for the capacity we will create,” Nair said, adding that he expects seafood demand to grow at 28-30 percent.

Meat, seafood and bio-pharmaceuticals are likely to drive 13-15 percent growth in cold-chain industry, Crisil Research said in note on Feb. 8. “This will swell the industry to Rs 47,200 crore in financial year 2022 from Rs 24,800 crore in 2017,” it said.

However, the company will have to raise funds, in the form of equity or debt, for the expansion, Nair said. The details of the fund-raising will be decided at the board meeting on Wednesday, he added.

Watch the full interview here.