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| Lotte Group Chairman Shin Dong-bin holds a box of Choco Pies with Manohar Lal Khattar, chief minister of Haryana State, during the opening ceremony for Lotte's second Choco Pie plant in New Delhi, India, Wednesday. / Courtesy of Lotte Confectionery |
By Park Si-soo
Lotte Confectionery started production Wednesday of its popular Choco Pie snack at its new plant in New Delhi, India.
This is the company's second Indian plant producing the chocolate-coated mini-cake that has been a big hit in Korea for decades. Lotte's first Indian Choco Pie plant started production in 2010 in Chennai, southern India.
The new plant's opening ceremony was held with 300 VIPs, including Lotte Group Chairman Shin Dong-bin and Indian government officials.
"Lotte Confectionery has sought expansion in India since 2004 and the second plant means our hard work paid off," Shin said during the factory's opening ceremony. "I will do my best to make Lotte the most favorite confectionary brand in India."
This was the chairman's first overseas business trip after his succession feud with his older brother ended. Shin Dong-bin defeated his sibling at a shareholders' meeting of the group's holding company in Japan on Aug 17.
Lotte officials say demand for Choco Pie in India continues to rise, adding that the second plant will ensure the company can meet demand among India's potential 1.2 billion customers.
Choco Pie's sales in India stood at 55 billion won in 2010, but rose to 90 billion won last year. Lotte expects it will reach 100 billion won this year and 180 billion won by 2018.
Lotte invested 70 billion won to build the second plant, which is capable of producing 60 billion won of Choco Pies a year.
"We will make an all-out effort to make Lotte the No.1 confectionery brand in India," a Lotte official said. "The second plant will play a major role to reach our goal."
Choco Pie consists of two small round layers of cake with a marshmallow filling and a chocolate coating.
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