Parry Confectionery (PCL) belongs to the Murugappa group enagaged in the business of manufacture and distribution of Sugar Boiled Confectionery (SBC). The Company's four brands (i.e. Coffy Bite, Lacto King Vitamins, Coconut Punch and Madras Cafe) are amongst the top 15 highest selling national brands.
The company made a rights issue in 1994-95 to part-finance a modernisation programme. It entered into a distribution arrangement with Wrigley India and commenced distribution of Wrigley chewing gum. The company's R&D department has been accorded recognition by the government. The modernisation programme embarked by the company in 1994-95 was successfully commissioned in 1995-96.
During 1999-00, the company has begun test marketing of a new product viz. Amrut - a candy with butterscotch flavour in the south India. It has also obtained ISO 9002 certification for its Manapakkam plant, Tamil Nadu. PCL also plans to enter the fun-food segment as part of an aggressive marketing and diversification plan.
In 2000-01 the company suspended the operation at it's Manapakkam plant in Tamil Nadu. The company is also strengthened its direct distribution reach with retail outlets now exceeding 2 lacs. It also concentrated its resources on the core brands and stepped up advertisement and publicity efforts The company is also improving the new product development process to compress time to market and better response to consumer preference.
To meet the challenge of new products and also to broaden the range of speciality confectionary products, the company has signed a Joint Venture agreement with Chupa Chups, Spain but this proposed JV has been terminated. Consequently the agreement stands cancelled and the JV company was liquidated. And also the JV arrangement with CSM, nv of Neterlands was terminated by mutual consent. Their entire shareholding in the JV company Leaf Parrys Ltd has been purchased by PCL for a nominal value in April, 2001.
The company is amalgamating its wholly owned subsidiary Confectionery Specialities Ltd with itself w.e.f. 30/10/2003. The H'ble High Court of Madras has approved the scheme of amalgamation.
The name of the company has been changed during december 2004 from Parrys Confectionery Ltd to Lotte India Corporation Ltd.