Most Indians at a breakfast buffet choose desi food, says MTR CEO Sanjay Sharma. He says that preference is also in college canteens and train stations.
MTR, the Bengaluru-based maker of instant mixes, masalas and ready-to-eats, is all set to launch a range of popular Indian breakfast items that require simply pouring hot water into it and keeping it covered for three minutes and then it is ready to eat.
Sharma says the company gave a diktat to its R&D team that three minutes should be the absolute upper limit. And he's staking his reputation on the products not requiring any more waiting time than that. It's important because there are already items like upma, poha and pongal in the market that can be prepared similarly, but which take eight minutes -from companies like Triguni Food (Eze Eats brand), Suhana, and MTR itself. Sharma believes the five minute difference is huge, and will enable him to challenge Kellogg's and Quaker Oats, and get those who skip breakfast to not do so.
Sharma said, "There are three important parameters in breakfast items -taste, convenience and health. On the health aspect, Indian items are seen to be at least as good as Kellogg's, Quaker and muesli. In taste, Indian items clearly beat the other options. But in convenience, Indian items suffer as they are seen to be cumbersome to make, in some cases you also need chutney and sambar. This is what we are addressing now with the three-minute products."
Sharma added, "Earlier, there was the feeling that anything that is instant is not tasty. That has changed."
Sharma believes the new breakfast items will become the face of the company over the next five years. MTR's rava idli mix is already a very popular breakfast item, but takes time to make.
Sharma said, "Breakfast products constitute 10-12% of our business now, but it will become the largest."
Packaged food company MTR Foods has announced Rs 50 Cr fund to invest in early stage food processing startups.
“The face of the Indian food processing industry is redefined by the startups. We want to now clearly participate in this market,” shared Sanjay Sharma, CEO, MTR Foods.
The Bengaluru based company plans to be a minority partner in its every investee.
It has also invested in Bengaluru-based children food manufacturer FirmRoots, in which the company picked up 42% stake.
“We keep evaluating many more options (for investment) which come true in this way. We are in the process of investing in a couple of other startups,” added Sharma.
MTR Foods claims to have generated a revenue of about INR 900 Cr. in 2018, and aims to reach INR 100 crore mark in 2019. The company has been consistently growing at 14% CAGR for the past five years.
MTR on Wednesday launched two unique products- Masala Karam for use in everyday cooking, and Saviyan Upma- under three-minute breakfast category.
Maiyas Beverages and Foods will now pass on to Akashika Foods, a Bengaluru-based firm, as per a resolution formula approved the National Company Law Tribunal (NCLT).
The Tribunal has passed an order to this effect going by the recommendation of the Committee of Creditors (CoC) and interim resolution professional (IRP) Ashish Kanodia.
Earlier it was in news that firms such as Peepul Capital, Sadananda Maiya, Guiltfree Industries, MTR Foods, Akashika Foods and Kamal Agrawal had bid for the Maiyas Beverages after evaluating the firm’s assets and liabilities.
The interim resolution professional (IRP), who was tasked by NCLT to manage the affairs of Maiyas, declared that Akashika’s resolution plan to be successful. The successful resolution plan requires 100% upfront payment to financial creditors, workmen and employees and statutory dues to the corporate debtors.
Akashika Foods was represented by its director KR Raghupathi Bhat.
Maiyas Beverages was founded by Sadananda Maiya in Bengaluru seven years ago. He later roped in Ascent Capital and Peepul Capital as private equity investors.
Differences between Peepul Capital and the founders had deepened leading to the drying up of working capital and shut down of the factory briefly before NCLT appointed a interim resolution professional (IRP)
Maiya, the ready-to-eat food pioneer in India, founded and ran MTR Foods for long before he sold the firm to Orkla, the Norwegian conglomerate, in 2007. After the non-compete period ended, Maiya, along with his son, founded Maiays Beverages and Foods, and launched many innovative products.
MTR Foods Pvt. Ltd. has debuted in investment arena by investing from its Rs 50 crore seed fund in early stage start-up FirmRoots Pvt. Ltd., mainly for the latter's children-packaged food brand Timios.
Orkla Group, the parent company of MTR Foods, had set up the Rs 50 crore venture fund, christened MTR Seed Fund, last year to invest mainly in food tech-related startups in India over 2017 and 2018. The company had said it takes a stake ranging between 26% and 49% in the start-ups. It will also give the portfolio startups access to MTR Foods research and discussion team, as well as to the company's in-house group of chefs or common services such as branding, legal assistance, treasury, and accounting services.
FirmRoots was started as a solution towards age-appropriate nutrition and has a product range called Timios exclusively for children in the age group of 6 months to 12 years.
Along with the investment, MTR Foods will also mentor the brand on various aspects of the business including marketing, sales and distribution strategy, food safety standards, management of resources among others.
"As the first investment from the seed fund - FirmRoots is a great start, as the company has brought forth a range of snacking products that are apt for the nutritional needs of children – a space that is hitherto untapped. We are pleased to be their partner in their journey," Sanjay Sharma, CEO, MTR Foods, said in a statement.
"Along with the investment from the MTR Seed Fund, we will also value the mentorship and strategic advice given by them. In a short period of time, Timios has managed to become a brand known in the market for its honest, healthy products that are great for the snacking needs of children. The funding would be primarily used for development of our range within the Timios brand and for expansion into other geographies. This investment will surely provide us with the strategic support required to grow further," Aswani Chaitanya, founder, Timios said in a statement.
To augment its business, the renowned food company, MTR is waiting for government’s approval to step into single-brand retail segment. The company which is the subsidiary of Norwegian association Orkla is a 92-year old firm which deals in providing high quality spices and ready to eat vegetarian food to its customers. The Bangalore based firm is now looking to scale up its production to 72,000 tons by 2020.
Recently, the government has amended the Foreign Direct Investment Policy (FDI) and as per the reformed norm, a single entity can opt for wholesale or cash-and-carry trade, as well as single brand retail if it fulfills FDI regulations for both the business. Any manufacturer in India would not need government approval to sell through wholesale, retail or ecommerce, as per the revised norms.
Commenting on the company’s move, Sanjay Sharma, CEO, MTR Foods said that company’s application is more of clarificatory nature since the new FDI norms state that if MTR is manufacturing in India it is free to sell through single-brand retail. Pickle and papad are the two items that company outsource locally, rest is all manufactured by MTR.”
Mavalli Tiffin Rooms (MTR) was acquired by Norway's food major Orkla in 2007 for US $80 million. Orkla has invested Rs 230 crore to triple the company's manufacturing capacity to 45,000 tons as of 2015. Since our owner is now a foreign entity, we felt it was better to apply for the single-brand licence as the rules are now more clearly spelt out, Sharma stated further.
By RI Bureau
MTR Foods Pvt. Ltd., the pioneer packaged foods in India, unveiled ‘Rice Kodubale’ in addition to the authentic range of MTR SnackUp. Rice Kodubale is an exciting, spicy twist to the popular bangle-shaped traditional Karnataka snack. Every bite of these authentic, delicious rings is crispy and crunchy with a hint of flavorful spices.
MTR SnackUp was launched in 2013 and has now expanded to include more than 20 variants of snacks. Owing to their fresh ingredients and authentic taste, MTR Foods Snack-up range has a long shelf life, thus making all the variants the ideal tea or coffee partners or just as quick on-the-go snacks.
“Kodubale is a widely-known snack in Karnataka and is enjoyed across the state. With the introduction of the Rice Kodubale variant in our SnackUp range we have added another appetizing, fresh choice for our consumers. We are confident that Rice Kodubale, with its authentic, spicy and crunchy flavors will enjoy by all”, said Vikran Sabherwal, Vice President - Marketing, MTR Foods.
This snack will be available at neighborhood grocery stores and modern trade stores in 180 gm packs priced at Rs. 50.
Expansion plansATM Kolkata's interior design embraces contemporary design principles while exquisitely capturing the city's Victorian past.
New launchThe menu is a gastronomic journey across the globe, featuring a harmonious blend of modern Indian, Turkish, Pan-Asian, and European cuisines.
Travel Food ServicesThe IPO with a face value of Re 1 is entirely an offer for sale of up to Rs 2,000 crore by Kapur Family Trust. The offer includes reservations for…
Restaurant chainsThis restaurant will combine global cuisine with Indian flavours giving a fusion approach.
Copyright © 2009 - 2024 Restaurant India.