Indomie owner Tolaram expects revenue to exceed $2 billion

The company behind Indomie noodles, one of Nigeria’s most recognisable consumer brands, expects its total revenue to exceed $2 billion as it expands its businesses in Nigeria and elsewhere in Africa.

Haresh Aswani, managing director of Tolaram Group in Africa, disclosed the projection in a recent interview with the School of Hard Knocks, a popular media and financial literacy company hosted by James Dumoulin, famous for interviewing high-net-worth individuals.

“We will exceed $2 billion,” Aswani said when asked about the size of the business. He did not say when the company expects to cross the milestone.

Aswani also said the group employs about 25,000 people, although he did not specify how many work in Nigeria.

Beyond Indomie, the Tolaram Group has interests in brands including Minimie noodles and snacks, Hypo bleach, Power Oil, Gino and Kellogg’s products. It also has businesses spanning manufacturing, distribution, infrastructure and other sectors.

Its Nigerian operations have grown from the instant-noodle business into a much broader industrial group.

Indomie was the product that established Tolaram as a major player in Nigeria. Aswani said the company initially faced doubts over whether Nigerians would embrace noodles, but the business eventually grew into what he described as the number-one noodle brand in the country.

“It took us 10 years to build the basics, 20 years to build the brand,” he said.

The company has since invested heavily in manufacturing and supply chains. Aswani said Tolaram built its own noodle, packaging and seasoning plants and later expanded into agriculture, including palm plantations.

The group has also used the success of its consumer brands to build partnerships with major international companies.

Aswani said Indomie’s success gave Tolaram confidence that it could compete with global companies. That experience helped the group attract partnerships with multinational businesses, including Kellogg’s.

Tolaram’s expansion in Nigeria has also moved beyond consumer products. The group is a major investor in the Lagos Free Zone and has an interest in Lekki Deep Sea Port, giving it exposure to the infrastructure and logistics needed to move goods into and around the country.

In 2024, Tolaram acquired Diageo’s controlling stake in Guinness Nigeria, adding one of Nigeria’s best-known beverage businesses to its portfolio. Diageo said at the time that Tolaram had more than 15,000 employees in Nigeria and had invested more than $1 billion in the country.

Aswani said the company’s growth had taken decades rather than years.

“It’s not a short-term business,” he said, contrasting consumer goods with technology businesses that can sometimes produce rapid growth.