Amul maker GCMMF to invest Rs 10,000 crore in 10–12 new plants for dairy, ice cream and food products over 2–3 years. The move aims to support its Rs 1 lakh crore turnover target, boost capacity, and leverage GST-driven demand growth, following nearly Rs 11,000 crore deployed since 2023.
Gujarat Co-operative Milk Marketing Federation (GCMMF), best known for its Amul brand, will invest ₹10,000 crore in milk and food processing over the next two-three years, MD Jayen Mehta told FE.
This will be the federation’s second-largest investment tranche in two years, directed toward setting up 10–12 new plants to expand capacity in dairy, ice cream and food products. The announcement will be made at the World Food India 2025 summit in Delhi on Thursday. The move comes as Brand Amul targets a ₹1 lakh crore turnover within the next couple of years, after closing FY25 at ₹90,000 crore, with double-digit growth across categories.
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GCMMF had committed ₹11,000 crore in 2023, which has already been almost fully deployed, Mehta said, necessitating this next round of investment. The federation currently operates around 118 plants nationwide.
Driving growth with capacity expansion
“The last two years have been spent in adding capacity across segments such as ghee, cheese, curd, ice-cream, protein and organic food products,” Mehta said. “This has allowed us to be prepared for the surge in demand that is likely with the GST rate rationalisation in food and beverages. The new investment will help us augment capacity further.”
With a collective milk processing capacity of over 440 lakh litres per day, GCMMF holds a 50–70% market share in pouched milk and milk products, according to a recent report by CareEdge Ratings. In recent years, the co-operative has also diversified into organic dal, wheat flour, basmati rice, spices, and more, aiming to position itself as a comprehensive food and beverage company.
Price cuts to spur consumption
Mehta noted that revised prices following the recent GST rate cuts will start reflecting in stores within the next few weeks. On Saturday, GCMMF announced a price reduction across 700+ product packs including ghee, butter, ice cream, bakery, frozen snacks, UHT milk, paneer, and chocolates—all of which now attract 5% GST.
“The reduction in prices will certainly spur consumption, as per-capita consumption of processed food and beverages remains low in India,” Mehta said.
Owned by 3.6 million farmers, GCMMF reported an 11% year-on-year revenue increase to ₹65,911 crore in FY25, driven by volume growth across categories.
Experts pointed out that GCMMF’s turnover appears lower than Amul’s because dairies in Valsad, Rajkot, Godhra, Surat, Vadodara and Anand sell milk and milk products under the Amul brand independently, and those revenues are not reflected in GCMMF’s consolidated figures.
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