Engro ‘Elevating Consumer Delight Worldwide’
The agreement signed between Engro Corporation and US-based Al Safa Halal reveals Engro’s strong investment plan to capture the rapidly growing Halal food industry as Engro Corporation has decided to diversify into meat-based products.
The initiative has been taken by Engro Foods Limited, a subsidiary of Engro Corporation. Engro’s goal to become the largest Pakistan-based company operating internationally would be achieved through this agreement. The setup for Engro’s Halal food expansion will be launched with its head office in Toronto. The financial aspects of the initiative have already been completed.
Meat is a new line of products for Engro Foods as the company’s operations in Pakistan are primarily focused on dairy products such as milk and ice-cream. Al Safa specializes in meat-based frozen foods, such as chicken, turkey, beef and pizza; it also has a vegetarian fare such as falafel products.
According to Sarfaraz A. Rehman, CEO Engro Foods Limited, the Economic Coordination Committee and the State Bank of Pakistan had given approval for a deal of up to $15 million (Rs. 1.28 billion) and the final transaction was close to this figure.
Engro’s decision-makers regard the Halal food industry to potentially become the engine of growth for any economy. Being a multinational corporation, Engro seeks to carve out its niche in the Halal Food market. Engro Foods eyes rising sales prospects over the next three to four years, as its product gets recognized in the North American market. The corporation is planning expansion beyond Al Safa’s product range. Engro is supported by in-depth market and product research in the North American market, a region with a 7 million strong Muslim community.
Engro is guided by the most enterprising leaders of the corporate world in Pakistan. The international Halal food project reflects Engro’s vision of ‘Elevating Consumer Delight Worldwide’ generating a significant portion of its revenue from foreign operations