Bidco Plans to Grow Turnover to USD 1 Billion by 2021
Fast Moving Consumer Goods Manufacturer Bidco Africa plans to grow its turnover to a Billion Dollars over the next 5 years, from the current Shs 25.8 billion (USD 250 million).
Group Chairman Vimal Shah explained that this ambitious target will be achieved by launching new products lines including water, fruit juice, Soft drink and cereal brands.
Shah said, the African conglomerate plans to commission four new manufacturing plants before the end of the year, to support this product diversification. This will be come at a total cost of Shs 5.2 billion (USD 50 million).
“We are entering a high-growth phase with major investments. We are constructing the state of the art Bidco Industrial Park, on 80 acres at Ruiru, which will house these factories,” Said Mr Shah.
In the second phase of Bidco’s expansion and diversification strategy, which it plans to achieve by 2021, the manufacturer has set aside Shs 15.5 billion (USD 150 million) to build 6 new factories at the industrial park, which will produce personal hygiene products, like toothpaste.
In total, Mr. Shah estimates 2,500 new jobs will be created by these new investments.
The Bidco Chairman was speaking during an event to launch its Code of Ethics for business. By adopting the voluntary code, Bidco has committed itself to conduct ethical business with all its stakeholders- shareholders, employees, government, consumers, environment, society, suppliers, contractors and agents.
Founded on the UN Global Compact Principles, and the recently enacted Bribery Act 2016, the commitments revolve around the keys areas of anti-corruption, environment, human rights and labor standards.
“Corruption is a problem in this country; investors are leaving and we as the Private Sector have decided to stand up and say NO and this code is Bidco Africa’s way of adding our voice to the cause,” said Shah.
Bidco Africa’s 1,700 employees and 500 suppliers have to read, sign and pledge to live by the code.