Steven Schiller, President International at The Hershey Company, said: “There is a lot of potential for The Hershey Company in India.
“This market is an important part of our international growth model. The Hershey’s brand has been leading our India growth and Hershey’s Kisses is a wonderful way to continue that growth by tapping into the growing chocolate segment.”
Taking place over five years, the investment aims to ramp up the chocolate makers manufacturing capability, although Hershey didn’t specify where the investment would take place or how many jobs would be created as a result.
The investment marks Hershey’s second year in India and will help the firm launch its iconic chocolate brand, Kisses, in south India.
The chocolate maker said the investment followed intensive R&D and consumer testing to “develop the right taste for discerning Indian consumers who seek premium chocolate.”
Hershey introduced its first chocolate brand ‘Brookside’ in India in 2016.
The firm said that the Indian chocolate market is worth around $1.2bn, growing annually at around 11%.
Last month, the chocolate maker also announced that it would acquire US brands Pirate’s Booty and Smart Puffs from B&G Foods Inc. for $420mn.