Retracoms Cold Room expansion plans have been delayed as the company is still looking for buyers.
The company had planned to add more than 30,000 employees by the end of 2019, which would have resulted in more than 3,000 new Cold Room stores.
However, the company has since decided to add another 1,000 jobs by the time it completes the expansion.
The retracoms new cold room expansion is being undertaken in two phases.
Phase one is expected to take place by the second quarter of 2020.
Phase two is expected in 2021.
The expansion is expected take place over a period of five years.
The firm’s new Cold room expansion will be the first expansion of its Cold room business in a year.
The move will also help the company improve its profitability in the cold room segment.
“Retracom has done well for a long time.
The growth rate has grown over the last decade and it has a solid base of customers.
We are looking forward to further expand our operations in India.
The focus will be on expanding our cold room businesses, not only in the United States but also in Europe and Latin America,” said Pratap Bhattacharya, Executive Chairman and CEO of Retrac.
The Retracmans expansion in India is expected not only to further boost its business, but also to further strengthen its position in the sector.
In a recent report, The Wall Street Journal, Retrac has ranked India as its number one cold room market, and it expects to invest at least $300 million over the next five years in its Cold rooms.
This will help the firm achieve its goal of creating at least 2,500 cold room jobs in India over the same period.
Retrac also has a presence in other cold room markets including China, Brazil, the United Kingdom, Germany, Austria and Sweden.