Tata Consumer acquires 23% additional stake in South Africa-based Joekels
Tata Consumer acquires 23% additional stake in South Africa-based Joekels

FMCG firm Tata Consumer Products Ltd (TCPL) on Thursday said it has acquired 23.3 per cent additional shares of South Africa-based Joekels Tea Packers for Rs 43.65 crore through a step-down subsidiary.

According to a regulatory statement, the company's step-down wholly-owned subsidiary, Tata Consumer Products Overseas Holdings Ltd (TCP Overseas), "has agreed to purchase 23.3 percent of the share capital of Joekels Tea Packers, Republic of South Africa from its Joint-Venture partners."

This is in accordance with the conditions of the shareholders' agreement and the share purchase agreement, which TCP Overseas, Joekels, and the JV Partners finalised and executed.

The FMCG division of the Tata Group stated that the price to acquire the stake was for a consideration value of Rs. 43.65 crore plus the adjustment amount.

The "holding of TCP Overseas in Joekels will expand from 51.7 to 75 percent" as a result of the acquisition of the equity share capital.

The joint venture partners own the final 25% of the company, according to the regulatory filing.

 
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Choko La Enters Premium FMCG with their Chocolate Drink Collection
Choko La Enters Premium FMCG with their Chocolate Drink Collection
 

Choko La, by Vasudha Munjal Dinodia is now venturing into the upscale FMCG sector by introducing the Choko La Chocolate Drink, conveniently packaged in a 200 ml can.


Retailing at INR 175/-, the Chocolate Drink occupies a  market stance, as Choko La endeavors to captivate customers with value and festive combinations, accessible through their online platform and various marketplaces.

 

In addition to Choko La outlets, their official website, and current retail establishments across Northern India, the product will make its nationwide debut through contemporary retail and trade collaborators like Spencer's, Modern Bazaar, and Le Marche, along with brand-associated marketplaces such as Amazon, Flipkart, Blinkit, and more.

 

This convenient 'on the go' drink packs a protein content equivalent to 7.2 grams, positioning it as a more nourishing option among chocolate beverages.

 

This chocolate drink offers the flexibility of being enjoyed both hot and cold. Its ability to be stored at room temperature provides the convenience of stocking larger quantities for consumers and retailers alike.

 

Choko La has set its sights on launching the product through all duty-free operators. This initiative is currently in the testing phase and is poised to be accessible at international terminals across India. Choko La boasts a presence in approximately thirteen major international terminals and is gearing up to make its mark in the global arena, targeting markets such as the US, UK, Canada, and South Asia, by the initial quarter of the fiscal year 2025.

 

Presently, the brand operates four primary flagship outlets, namely, Select City Walk, Khan Market, DLF Promenade, and Galleria Market.

 

Additionally, it maintains a presence at airport establishments, including IGI Terminal 3D, Terminal 1D, and Terminal 3.

 

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Coca Cola Partners with Bain & Company to Create Tailored Digital Solutions for Customers
Coca Cola Partners with Bain & Company to Create Tailored Digital Solutions for Customers
 

Bain & Company has announced a global services alliance with OpenAI, the research and deployment company behind the AI systems ChatGPT, DALL·E and Codex, which are changing the way people communicate and create.

The alliance builds on Bain’s adoption of OpenAI technologies for its 18,000-strong multi-disciplinary team of knowledge workers. Over the past year, Bain has embedded OpenAI technologies into its internal knowledge management systems, research, and processes to improve efficiency.

Given the early successes of those initiatives, Bain and OpenAI are working together to bring OpenAI’s groundbreaking capabilities to its clients globally. With the alliance, Bain will combine its deep digital implementation capabilities and strategic expertise with OpenAI’s AI tools and platforms, including ChatGPT, to help its clients around the world identify and implement the value of AI to maximize business potential.

The Coca-Cola Company is the first company to engage with the new alliance, Bain also announced today.

“AI has reached an inflection point and we foresee a huge wave of change and innovation for our clients across industries. We see this as an industrial revolution for knowledge work, and a moment where all our clients will need to rethink their business architectures and adapt. By collaborating with OpenAI, we’re delighted to have unmatched access to state-of-the-art foundation AI models, so that we can create tailored digital solutions for our clients and help them realize business value,” said Manny Maceda, Bain & Company’s Worldwide Managing Partner.

Bain and OpenAI are delighted that The Coca-Cola Company is the first company to engage with the alliance.  “Coca-Cola’s vision for the adoption of OpenAI’s technology is the most ambitious we have seen of any consumer products company,” said Kass of OpenAI. Coca-Cola is harnessing the power of ChatGPT and DALL-E in industry-leading ways to improve their already world-class brands, marketing, and consumer experiences.

“We are excited to unleash the next generation of creativity offered by this rapidly emerging technology,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “We see opportunities to enhance our marketing through cutting-edge AI, along with exploring ways to improve our business operations and capabilities.”

 

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Reliance Consumer to acquire 50% in Sosyo Hajoori Beverages
Reliance Consumer to acquire 50% in Sosyo Hajoori Beverages
 

Reliance Consumer Products Limited (RCPL), the FMCG arm and a wholly owned subsidiary of Reliance Retail Ventures Limited, announced it will acquire 50 per cent equity stake in Gujarat-headquartered Sosyo Hajoori Beverages Private Limited (SHBPL) which owns and operates a beverage business under the flagship brand ‘Sosyo’.

The Hajoori family will continue to own the remaining shares of SHBPL, the beverage manufacturer's current promoters after 100 years.

With a history of about 100 years in juices and carbonated soft drinks (CSD), Sosyo is a renowned Indian brand. The business was founded in 1923 by Abbas Abdulrahim Hajoori and is currently a major force in the Iranian soft drink industry. Abbas Hajoori and his son Aliasgar Hajoori own SHBPL, a company that specialises in inventing formulas and has a number of beverage brands in its portfolio, including Sosyo, Kashmira, Lemee, Ginlim, Runner, Opener, Hajoori Soda, and S'eau.

The Sosyo brand boasts a loyal customer base in Gujarat.

Isha Ambani, Executive Director of Reliance Retail Ventures Limited, commented on the transaction: "This investment enables us move forward our mission of empowering regional heritage businesses and offering them new growth prospects. We are happy to add Sosyo's century-old legacy beverage brands to our portfolio of consumer brands and are convinced that our expertise, consumer insights, and retail distribution prowess will enable Sosyo's growing momentum pick up speed.

RCPL wants to provide Indian consumers more power by providing them with a variety of locally produced consumer brands and goods that are of superior quality. The historic beverage brand "Campa" and the recently created packaged consumer products brand "Independence" are currently included in the company's brand portfolio. Additionally, RCPL is developing a unique and focused retail distribution network for its portfolio of rapidly expanding consumer brands.

Abbas Hajoori, Chairman of Sosyo Hajoori Beverages Private Limited, commented on the joint venture with RCPL in a statement that reads in part, "We are delighted to enter into this partnership with Reliance Consumer Products, a strong and willing partner that can help Sosyo rapidly scale up its reach. By combining our relative advantages, we could make Sosyo's distinctive beverage goods available to all Indian consumers. It is a turning point in our nearly 100-year history in the beverage industry.

After purchasing the renowned brand Campa, Reliance will further bolster its beverage range with this joint venture. Additionally, Sosyo can create a distinctive value proposition for its product portfolio and customers by utilising its experience in formulations.

 

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PepsiCo India's FY22 Profit Declines 76.2% to Rs 41.6 crore; Revenue Up 21.6%
PepsiCo India's FY22 Profit Declines 76.2% to Rs 41.6 crore; Revenue Up 21.6%
 

Food and beverage major Pepsico India Holdings Pvt Ltd's consolidated profit for FY22 declined 76.25 per cent to Rs 41.63 crore, while its revenue from operations went up 21.61 per cent to Rs 6,385.80 crore.

The company, which is not a publicly traded corporation, made a total profit of Rs 175.3 crore and its income from operations was at Rs 5,251 crore for the financial year that ended on March 31, 2021, according to financial records accessed by the business intelligence portal Tofler.

Pepsico India Holdings' other income in FY22 was down 27 per cent at Rs 82.34 crore.

While the company's overall revenue, which includes sales of well-known brands like Pepsi, Lay's, Kurkure, and Tropicana, increased by 20.58% to Rs 6,468.14 crore for the fiscal year that ended on March 31, 2022.

In response to PTI's inquiry, a PepsiCo India representative stated that the company had robust double-digit growth in both operating revenue and volume for FY22, despite inflation.

The entire tax charge for Pepsico India Holdings increased by 58.32% to Rs 36.89 crore in FY22, while overall expenses increased by 23.7% to Rs 6,389.62 crore.

PepsiCo began doing business in India in 1989 and has since expanded to become one of the biggest MNC food and beverage companies there.

In FY22, the company's beverage division revenue increased 10.61% to Rs 1,014 crore.

While its food category revenue increased by about 24% to Rs 5,371.80 billion.

PepsiCo India Holding reported export revenue of Rs 106.14 crore in FY22, an increase of 2.58 percent. A year ago, it was worth Rs 103.47 crore.

The business kept spending money in FY22 on both customer-facing activations and expanding capacity for future expansion.

PepsiCo India is "strongly poised" to take advantage of the rising consumer demand in the future as it continues to invest in the nation, diversifies its product offerings to meet shifting consumer preferences, expands operations, and further boosts consumer touch points, particularly in the wake of the Covid pandemic.

In addition, the spokesperson stated, "We shall continue our community efforts through our commitment to being PepsiCo positive, a strategic end-to-end transformation initiative with sustainability at the centre to create growth and value by operating within planetary boundaries and inspiring positive change for the planet and people.

 

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IIM Udaipur Incubation Center funds Alumni's startup CURRYiT
IIM Udaipur Incubation Center funds Alumni's startup CURRYiT
 

Indian Institute of Management Udaipur has invested in an alumni-startup under its Incubation Center.

CURRYiT is the one of the start-ups to be backed by IIMUIC and also the one with both founders from IIMU (Richa Sharma (PGP12-14) and Nischal Kandula (PGP13-15).

CURRYiT is India’s first fresh ready to cook curry pastes brand made with Ghee. Leading D2C investor RPSG Capital Ventures and few other angel investors have also invested in CURRYiT.

It is indeed a moment of celebration and welcoming move by IIM Udaipur’s Incubation Center of funding a startup whose foundation was laid in the very grounds of IIM Udaipur by the co-founders,” shared Kannan Soundararajan, CEO, Incubation Centre, IIM Udaipur.

As a part of the funding initiative, the institute and its incubation center will extend its wide network (through alumni & industry relations) for business and continuous mentorship including from the esteemed professors, to the founding team.

“We believe that cooking is an emotion and something that is deeply rooted in our culture. But many times we don’t have the time, ingredients or knowledge to make that perfect dish at home. At CURRYiT, we are on a mission to make cooking delicious, quick, hassle free for everyone,” added the co-founders who have handcrafted every paste using signature ingredients and traditional recipes, so that one can make delectable dishes in just 3 east steps without any stress.

The company will be utilizing the funds towards expanding its product portfolio, enhancing operations and growing its presence across more cities in India.

Alumni are a crucial pillar, and their accomplishment is vital for the institute's journey. I want to express my heartiest congratulations to the entire team of CURRYiT and wish them all the very best in achieving new milestones in their entrepreneurial journey. I am also grateful to IIMU's Incubation Center for their financial support to make your dream a reality,” commented Prof. Janat Shah, Director, IIM Udaipur.

CURRYiT offers a wide variety of curry pastes for signature Indian dishes ranging from Kashmir to Tamil Nadu. 

 

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CavinKare enters QSR segment with Jango'z; to set-up 100 outlets by 2026
CavinKare enters QSR segment with Jango'z; to set-up 100 outlets by 2026
 

FMCG major CavinKare announced its foray into the QSR segment with a new brand - Jango’z.

 

Launching its maiden outlet in Chennai, the brand further plans to set up over 100 outlets across strategic locations in India by 2026.

 

With the Indian QSR segment expected to reach INR 827.63 Billion by FY 2025, CavinKare is also set to bet big on the slice and bite segment through Jango’z with an aim of generating over 150 crore revenue in the next 5 years. 

 

Our entry into the QSR space comes in line with our refreshed CavinKare 2.0 strategy. Retail is one of the important divisions in CavinKare where we have made significant investments and one of the steps in the direction is this entry with the launch of Jango’z that is set to disrupt the space with CavinKare innovation edge,” said Manuranjith Ranganathan, Director – Retail at CavinKare.

 

Jango’z is CavinKare’s first chain QSR brand with its first outlet in Perambur, Chennai.

 

Sprawled across 1300 sq ft, the outlet serves a slew of delicacies like fried chicken, pizzas (whole and by the slice), signature burgers and softies.

 

This outlet also features specially commissioned  wall art, with the mascot from the Jango’z logo being incorporated into a fun comic strip. The price range of the items in the menu starts from as economical as Rs.59. 

 

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Tata Consumer Products enters into RTE segment, acquire Tata SmartFoodz
Tata Consumer Products enters into RTE segment, acquire Tata SmartFoodz
 

Tata Consumer Products Limited (“TCPL”) announced today that it has signed definitive agreements to acquire 100% equity shares of Tata SmartFoodz Limited (“TSFL”) from Tata Industries Limited, for a cash consideration of Rs 395 Cr.

This move is consistent with TCPL’s strategic intent to expand into value added categories.

TSFL commenced operations in 2019 and within a short time has established itself as the #2 player in the Ready-to-Eat (RTE) market in India.

“Tata SmartFoodz is a good strategic fit for us given the nature of its business and it will also allow us to expand our portfolio into the Ready to Eat segment. RTE is a fast-growing segment in India and a sizeable opportunity in the International markets. The acquisition will give us access to a unique technology and the product portfolio synergizes well with our existing distribution infrastructure both in India and internationally,” said Sunil D’Souza, MD & CEO, Tata Consumer Products.

It has a state-of-the-art manufacturing facility in Sri City, Andhra Pradesh. TSFL, under the brand name Tata Q, offers a range of innovative and differentiated products manufactured using MATS technology in India.

This unique technology helps retain taste, texture and nutrients within an ambient supply chain. The product portfolio caters to consumers looking for tasty, convenient and wholesome on-the-go meals.

“Being part of Tata Consumer Products will enable us to strengthen our market presence and scale up the business. It will allow us to leverage Tata Consumer’s strength in modern trade and e-commerce channels in India and also its global presence to target key International markets for RTE exports. It will also help us augment our innovation pipeline and unlock synergies across our business,” added Balark Banarjea, CEO, Tata SmartFoodz.

The acquisition will enable TCPL to expand its product portfolio and enter the RTE segment. In India, the category is expected to grow at a significant pace benefitting from demographic tailwinds such as urbanization, and high disposable income nuclear families looking for convenience, nutrition and hygienic food on the go.

The category is already large and growing strongly in the international markets that TCPL already operates in. Tata Consumer Products will leverage its existing domestic and International distribution and focus on operational excellence to maximize value. The technology will also enable TCPL to create a strong pipeline of value-added products in other parts of the foods business.

 

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Capital Foods announces Navin Tewari as new MD and CEO
Capital Foods announces Navin Tewari as new MD and CEO
 

Makers of Ching’s Secret and Smith & Jones, Capital Foods, one of India’s fastest-growing food companies, have announced Navin Tewari as Managing Director and Chief Executive Officer with effect from 1st January 2021.

He succeeds the founder, Ajay Gupta, who will now be the Executive Chairman.

Tewari joined the company in early 2019 as the Chief Executive Officer is now elevated to the new role.

Under his leadership, the company has achieved well-rounded performance with - top-line growth in excess of 50%; expansion beyond the western region to a pan-India presence across categories.

It has also enhanced production capacity with increased footprint in Karnataka, Haryana and Himachal Pradesh.

Also Read: ​FMCG firm Capital Foods expect 40 percent growth next year

"Capital Foods has registered impressive performance under Navin's leadership as CEO. His ability to drive growth is not limited to exceptional financial performance, but also extends to organization building in areas of capacity expansion, market strategy, product offerings, and people management,” said Shantanu Rastogi, Managing Director, India and Southeast Asia at General Atlantic.

Adding to the same Ajay Gupta, the Executive Chairman of the company shared, "Navin personifies our biggest differentiator - experimentation and disruption. Since his joining Navin has rapidly built and grown the scale of the company while preserving the culture and strengthening partner relationships. I am certain that going forward Capital Foods will flourish under his leadership and contagious enthusiasm."

Capital Foods is backed by marquee private equity firms, The Invus Group and General Atlantic.

“Capital Foods was created on the foundations of innovation, excitement, and a deep understanding of consumer taste preferences. Over the years, we have built a loyal consumer base that loves our range of exciting food products,” added Tewari.

 

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TenderCuts launches exciting range of Ready-to-cook products
TenderCuts launches exciting range of Ready-to-cook products
 

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Bonn Group offers La Americana Cakes and Cookies for Raksha Bandhan 2020
Bonn Group offers La Americana Cakes and Cookies for Raksha Bandhan 2020
 

Bonn Group of Industries has come up with an exclusive range of cakes and cookies for the siblings so that the celebration of eternal bond doesn’t get dampen during the ongoing coronavirus pandemic.

The exclusive range will contain all the premium products of the brand including LA Americana Cakes and cookies like Butter Scotch Cake, Choco Vanilla Cake, Lemon Cake, Red Velvet Cake, Oatmeal cookies, Almond Raisin Cookies and choco chunk cookies.

“Bonn always assures the brand remains sustainable and catering to people’s need in these changing times. Raksha Bandhan is the first event for Indian consumers that mark the beginning of the festive season and we don’t want to dampen the spirits of the festival despite the ongoing coronavirus pandemic. We have especially curated this range of products, which accentuates the bond of eternal love, care and good health between the siblings,” said Amrinder Singh, Director, Bonn Group of Industries.

The demand of comfort foods like cookies and cakes has gone up during the lockdown period.

Also Read: Comfort Foods, Innovative Recipes Will Be Mega Hit In Years To Come

Cakes and cookies are such food-items which are liked by all the family members irrespective of their age-group.

It’s one of the best, easy and affordable snacking options with tea and any other hot beverages. It can also be eaten as a treat. As the restaurants are shut and people still not confident about ordering food from outside, these rakhi hampers will add the requisite sweetness in your celebration.

 

 

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Bennet & Bernard Group forays into FMCG space
Bennet & Bernard Group forays into FMCG space
 

Home grown diversified firm Bennet & Bernard with majority business interest in eco luxury real estate, hospitality & gastronomy has announced its foray in FMCG space with the launch of premium cold cuts under the banner of Artisan Deli in Goa market.

Pioneers of world-class foods served at its multiple restaurants in Goa, Bennet & Bernard have now launched a range of eleven uniquely crafted chicken & pork cold cuts which will be available at all the leading supermarkets across Goa.

With menus curated in-house, options of gluten free products, compliance to guidelines at every stage of food production, storage and transportation, the product is definitely value-add to the start of your meal every day.

“Artisan Deli is personal to me. I’ve partnered with my team of seasoned restaurateurs who have been in the industry for the past few years in developing the recipes or Artisan Deli. While, we have had great success from our various restaurants, we have been determined to procure superior quality cold cuts to keep up with the standards we set,” shared Lincoln Bennet Rodrigues, Founder and Chairman, Bennet & Bernard Group.

The group claims to avoid all artificial colour or flavour, any added MSG or hormones. They provide options for nitrite- free and some of the products are completely gluten- free.

Bennet & Bernard Group will soon go pan India with this brand and is focused on creating an exclusive range of processed foods in India and global markets with manufacturing units in multiple cities across the country. The company currently runs two business units: Bennet & Bernard custom homes Pvt Ltd & Bennet & Bernard Gastronomy hospitality Pvt Ltd.

 

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Bennet & Bernard Group forays into FMCG space
Bennet & Bernard Group forays into FMCG space
 

Home grown diversified firm, Bennet & Bernard with majority business interest in eco luxury real estate, hospitality and gastronomy has announced its foray into FMCG space with the launch of cold cuts under the banner of Artisan Deli in Goa market. Bennet & Bernard have launched a range of eleven crafted chicken and pork cold cuts, which will be available at all the leading supermarkets across Goa.

 

Artisan Deli has evolved from the need to produce processed meats that stand a class apart purely based on their flavour, the quality of the ingredients and their presentation. Bennet & Bernard Group will soon go pan India with this brand and is focused on creating an exclusive range of processed foods in India and global markets with manufacturing units in multiple cities across the country. The company currently runs two business units: Bennet & Bernard custom homes Pvt Ltd & Bennet & Bernard Gastronomy hospitality Pvt Ltd.

 

Commenting on the launch, Lincoln Bennet Rodrigues, Founder and Chairman, Bennet & Bernard Group said, “Artisan Deli is personal to me. I’ve partnered with my team of seasoned restaurateurs who have been in the industry for the past few years in developing the recipes of Artisan Deli. We believe that our cold cuts would meet international quality standards as well as be a healthy alternative for our consumers. For this very reason we completely avoid all artificial colour or flavour, any added MSG or hormones. We provide options for nitrite free and some of our products are completely gluten free. Finally, we incorporate exquisite packaging and easy availability of these products alongside great line-up of more Artisan Deli products”.

 

Talking about company’s ambitious plans in the FMCG segment, Lindsay Bernard Rodrigues, Co-owner and Director, Bennet & Bernard Group added, “We have got some very interesting new products in the space of healthy food and snacking ready for launch in the near future. With this launch, we aim to drive the next wave of growth for our group. We are also planning to bring international products to Indian market. Our aim is to create a unique source of competitive advantage through diversity of the businesses and create new opportunities for growth. We are also looking at possible acquisitions, both in the country and in the global market to grow rapidly. We also recently made an international acquisition with the start of business in Portugal.”

 

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Cremica Food Industries to setup Food Park in Himachal
Cremica Food Industries to setup Food Park in Himachal
 

Cremica Food Industries is opening a food park in Una district of Himachal Pradesh next month.

The FMCG major has invested around Rs 100 crore to set up this park which is spread across 55 acre and has been developed as one of the finest food processing infrastructure facilities.

"We are starting a food park in Una in February and it has come up at an investment of over Rs 100 crore. It will make a major difference to the area," shared Akshay Bector, Chairman & MD, Cremica Food Industries Ltd.

The core facility that is coming there is a fruit and vegetable processing line with a capacity of up to 40 tonne per hour. "Food park will provide world-class infrastructure and technology to the enterprises engaged in the food processing industry," added Bector.

It will have abundant water supply, large refrigeration area, reliable power supply and warehouses, among others, he added.

"We have been growing at a consolidated rate of 20 per cent while our branded sales are growing at a rate of 27 per cent,” added Bector.

 

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Britannia net profit ups 19.41% to Rs 258.08 cr In Q1
Britannia net profit ups 19.41% to Rs 258.08 cr In Q1
 

Driven by the double-digit volume growth, FMCG major Britannia Industries has posted 19.41 per cent growth in consolidated net profit at Rs 258.08 crore for the quarter ended June 30, 2018. The company had posted a net profit of Rs 216.12 crore in the April-June period a year ago.

 For the quarter under review, the total revenue stood at Rs 2,585.84. It was Rs 2,375.01 crore in the corresponding period of the previous fiscal, Britannia Industries said in a BSE filing.

The company said reported revenue, part of total income, for the quarter ended June 30, 2018, is not comparable to the revenue reported in the previous period due to implementation of GST with effect from July 1, 2017.

"Excise duty has subsumed into GST, and hence revenue from sale of goods for the period commencing July 1, 2017 does not include excise duty," it added.

"We have witnessed positive momentum in the market over the last few quarters. Our double-digit growth for the quarter is backed by a double-digit volume growth primarily due to our investment in brands and widening our distribution network through focus on direct reach, rural market and weak states," Britannia Industries MD Varun Berry said.

The international businesses remained flat due to slow-down in geographies like Middle East and Africa, Britannia said.

"The growth in dairy business has been subdued due to our focus on driving value added products and reducing our play in the less profitable commoditised products, which has helped us improve our profitability," Britannia said.

The company said in its 100th year it will enter into “many unchartered territories" to secure disruptive growth.

The company in a separate filing said its board of directors has recommended and approved issuance of secured redeemable non-convertible debentures as bonus debentures of Rs 50 in the ratio of 1 bonus debenture for every 1 equity shares held by the shareholders of the company.

Shares of Britannia Industries were trading at Rs 6,318.95 apiece, down 1.19 per cent, on BSE.

 

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Nestle India Q2 profit grows 50% to Rs 395 cr
Nestle India Q2 profit grows 50% to Rs 395 cr
 

Abetted by lower expenses, FMCG major Nestle India has posted 49.95 per cent rise in net profit at Rs 395.03 crore for the second quarter ended June 30.

The January-December financial year following company had posted a net profit of Rs 263.43 crore for the April-June quarter of 2017-18.

Total income during the quarter stood at Rs 2,758.63 crore. It was Rs 2,525.96 crore in April-June, 2017-18, Nestle said in a BSE filing.

The company said financial results for the reported quarter are not comparable as sales for the June quarter 2017 were reported gross of Excise Duty and net of Value Added Tax (VAT)/ Sales Tax. Excise duty was reported as a separate expense line item.

"Consequent to the introduction of GST with effect from July 1 2017, VAT/Sales Tax, Excise duty etc have been subsumed into GST and accordingly the same is not recognised as part of sales," the company said.

"The market momentum continued to be favourable and...we have sustained our broad based volume growth across categories. There is an improvement in margins due to favourable cost of commodities and cost efficiency programmes.

"However, we are now witnessing headwinds in commodity prices," Nestle India Chairman and Managing Director Suresh Narayanan said.

The company said its total sales and domestic sales increased 8.5 per cent and 8 per cent, respectively in the reported quarter.

"The growth rates are adversely impacted due to lower reported sales by the change in structure of indirect taxes and reduction in realisations to pass on the GST benefits.

 

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Patanjali to enter Khadi, frozen vegetables business
Patanjali to enter Khadi, frozen vegetables business
 

Having already taken the FMCG market by storm with his ‘Swadeshi’ products, Yoga guru Baba Ramdev is now planning to foray into a new retail category.

His company, Patanjali Ayurved is all set to make an entry into the Khadi and frozen vegetables markets. Patanjali plans to launch 100 exclusive retail outlets to sell its ‘swadeshi’ line of branded khadi clothes by Diwali this year. Besides this, it also plans to sell the brand through 15,000 KVIC stores.

In January 2018, Ramdev had announced to the media that his company – which is already in the business of cosmetic and food products – will launch a textile portfolio around Diwali, 2018, adding that it would feature around 3,000 products ranging from kidswear to yogawear and sportswear, along with a ‘swadeshi’ line of clothing plus accessories and footwear.

Aiming to expand its footprint in the country’s FMCG sector, Baba Ramdev-promoted Patanjali launched its e-commerce platform under the tagline ‘Haridwar to har dwar’ (Haridwar to every door step online).

The company has also announced its partnership with leading e-retailers and aggregators to authorise online sales of its products which include Paytm Mall, BigBasket, Flipkart, Amazon India, Grofers, Amazon India, netmeds, 1mg and Shopclues, among others.

Launching the e-commerce platform www.patanjaliayurved.net, Ramdev added that online sales have yielded good dividend that helped the company’s sales cross the Rs 10 crore-mark in December 2017.

In May, Patanjali Ayurved Limited was adjudged India’s most trusted FMCG brand in the TRA’s Brand Trust Report 2018.

Baba Ramdev had taken to his Twitter handle to make the announcement writing: “Patanjali is India’s number #1 trusted FMCG Brand accordingly to ‘The Brand Trust Report’, India Study 2018 #BTR2018 – @TRA_Research.”

 

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ITC aims top spot in FMCGs with new launches
ITC aims top spot in FMCGs with new launches
 

Kolkata-based conglomerate ITC plans will explore every possible consumer category and launch 30-40 new products each year in its effort to become the country's biggest fast-moving consumer goods (FMCG) company, a company executive said.

“To achieve our revenue target of Rs 1 lakh crore by 2030 from the new FMCG businesses, we are strengthening our existing categories and venturing into newer ones,” B Sumant, president of the FMCG business, told ET in an interview at ITC’s Virginia House headquarters in Kolkata. “A lot of resources are being invested in product development with a strong R&D team.”

ITC’s FMCG business includes cigarettes, packaged food, personal care, stationery, safety matches and agarbattis. The company will launch more products in the packaged food space since it’s the largest FMCG business for ITC. Last fiscal, it launched 30 products, next only to the rapidly expanding Patanjali Ayurved.

The maker of Sunfeast biscuit, Aashirvaad atta and Engage deodorant is also actively scouting for acquisitions to plug portfolio gaps. However, ITC will only acquire brands that can be scaled up using its own distribution network as it would be easier to break even.

Hence there’s unlikely to be any big-ticket deal, said Sumant. ITC in the past few years have acquired brands such as B Natural, Savlon, Shower to Shower and, Charmis. Last month, it ventured into the herbal floor cleaner space by acquiring Nimyle. Sumant said the company has already grown brands such as B Natural and Savlon exponentially.

The company recently ventured into the premium skincare market with the Dermafique range of products, centre-filled snacks under Mad Angles, Bounce Mini biscuit, Dark Fantasy Jelifills cake and chicken instant noodles under Yippee. While Sumant refused to divulge details on categories ITC would enter in the future, analysts said it’s likely to expand in food besides beauty and homecare, having acquired the Nimyle brand.

To be sure, ITC has some way to go before it can dislodge Hindustan Unilever from its longtime perch as India’s biggest consumer goods company. In FY18, ITC's non-cigarette FMCG business clocked sales of Rs 11,328.60 crore driven by the packaged food business at Rs 8,668.72 crore. In contrast, HUL's consolidated total income was over three times more than that of ITC at Rs 36,622 crore in FY18. On the other hand, Patanjali Ayurved is fast gaining ground despite a late start.

“Going by ITC's track record, it should expand its play in food since it is either number one or two in almost all categories,” said Edelweiss Securities senior VP Abneesh Roy. “It has strong sourcing capabilities and understands local taste which several MNCs have failed to crack. In personal care and home, it will have to face a lot more competition from strong MNCs and hence things would be tough. Which is why it is yet to gain a sizeable share in soaps and shampoos.”

The cigarette-FMCG hospitality giant will indeed have 60-65% of the new launches in the packaged food segment which contributes over 22% to its net revenue, next only to the cigarette business, which contributes 46%.

 

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ITC's packaged foods sales surge to Rs 8,668.7 cr in FY18
ITC's packaged foods sales surge to Rs 8,668.7 cr in FY18
 

Aashirvaad atta, Sunfeast cookies, and Bingo snacks are helping cement ITC’s credentials on the Indian packaged foods leaderboard, helping the segment log about half the annual sales of the conglomerate’s traditional mainstay cigarettes.

At the tobacco products FMCG-hotels major, which just published its annual report, the branded packaged food business made up 22.1% of the net turnover in FY18, compared with the 46% contribution from cigarettes, which also had a far higher base. Agri-business was the third largest about half of packaged foods in net sales contributions. ITC’s net revenue in FY18 was Rs 39,255 crore.

The packaged foods business was the first FMCG category the conglomerate had entered 17 years ago to reduce its reliance on the cigarette revenue stream. It clocked sales of Rs 8,668.7 crore in FY18, ITC reported in the annual report.

In FY17, packaged food sales were at Rs 8,036.4 crore, but the revenues are not comparable due to the transition to the GST regime, in which sales are calculated net of GST. Earlier calculations included the impact of the excise levy.

The company’s packaged foods division now accounts for 76% of the total sales of non-cigarette FMCG business, which also includes personal care, stationary products, lifestyle retail, safety matches and incense sticks.

The non-cigarette FMCG business also clocked gross profit of Rs 164.1 crore in FY18, driven by the food business, with other categories yet to break even. ITC continues to be the third largest listed packaged foods company in India: Nestle (Rs 9,472.5 crore domestic sales in CY17) leads the table, followed by cookies maker Britannia (standalone sales of Rs 9,380.2 crore in FY18). ITC has ambitions to establish itself as India’s biggest packaged foods company.

In foods, ITC is the market leader in packaged atta, premium cream biscuits, and the bridges segment in snacks. It is the second largest in instant noodles and the third in packaged juice.

By way of consumer spend that includes taxes, Aashirvaad is the largest non-cigarette food brand at more than Rs 4,000 crore, followed by Sunfeast at more than Rs 3,500 crore, and Bingo at more than Rs 2,000 crore. In FY18, ITC had entered into packaged fruits and vegetables, blended spices and frozen prawns, and is betting on the dairy business as the next big growth driver.

 

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Sri Sri Ravishankar's FMCG brand earmarks Rs 200-crore for promotion
Sri Sri Ravishankar's FMCG brand earmarks Rs 200-crore for promotion
 

As Sri Sri Ravi Shankar’s FMCG brand Sri Sri Tattva has earmarked about Rs 200 crore for advertising and promotion as it plans to ramp up its marketing spend, said media buyers.

The firm has entered into the FMCG firm at a time when Baba Ramdev’s Patanjali already dominates the Ayurveda and herbal products sphere.  The new entrant in the field will spend this amount on mass media advertising, outdoor campaigns and below-the-line marketing across the country to support its expansion plan of opening 1,000 stores in the country.

The Bengaluru-based firm was among the largest advertisers in the FMCG category during the recently concluded India Premier League (IPL), spending Rs 10 crore on television advertising.

“For us, this year is a time when our efforts of the past year and a half, in terms of expansion in retail, will be solidifying. Our advertising will be aggressive and healthy, definitely much different from what it was in the past years,” said Tej Katpitia, chief executive of Sri Sri Ayurveda (SSA) Trust, the FMCG establishment that will open ‘Sri Sri Tattva’ branded stores.

He also said that there will be 3-4 major campaigns during this fiscal not only on news channels but also on general entertainment channels and regional networks. This will be coupled with on-ground activation and outdoor advertising.

He, however, refused to comment on the advertising budget, even though media buyers said they are spending about Rs 200 crore on advertising and promotion.

“Our biggest focus is to increase our reach and awareness,” Katpitia explained. Sri Sri Tattva, like Patanjali, will focus on certain categories of products such as toothpaste, personal care items and food products. Out of its total TV advertising spend of Rs 10 crore during IPL, it spent Rs 4 crore on TV advertising for its personal care items, Rs 3 crore for toothpaste, and an equal amount for food products.

The natural segment of India’s personal care market is estimated to be worth Rs 18,500 crore, or almost 41% of the total personal care market, according consumer research firm Nielsen.

Baba Ramdev’s Patanjali Ayurved, that sells ayurvedic products worth more than Rs 10,000 crore annually, has prompted global and local rivals such as Hindustan Unilever, P&G, Colgate Palmolive, Future Group and Dabur, among others, to either introduce or boost their own ayurvedic products portfolio.

Kishore Biyani’s Future Group, for instance, is closing in on an ayurvedic company and is in advanced talks to acquire Iraya that sells a host of personal care products from Athena Life Sciences, while HUL has relaunched Ayush brand of ayurvedic personal care products, acquired Indulekha hair care brand and launched Citra skincare brand.

Within the personal care and food category, Sri Sri Tattva will focus on face wash, creams and lotions, shampoo, and ghee, range of rice, special products such as organic version of coconut oil and organic jaggery, respectively.

While the products are currently sold through online marketplace such as Amazon, Flipkart, BigBasket, it has tied up with Nykaa to sell personal care products. It has also teamed up with 1mg and MedLife for the ayurvedic and other healthcare products.

 

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ITC's top eight FMCG brands cross the $2-billion milestone
ITC's top eight FMCG brands cross the $2-billion milestone
 
The collective sales of ITC’s FMCG brands crossed the $2-billion (Rs 13,000 crore) milestone in the fiscal ending March 2018, with three packaged food brands Sunfeast biscuits, Bingo chips and snacks and Aashirvaad atta contributing in the surge.
 
An investors presentation from the company showed that the annual consumer spend on ITC’s FMCG brands rose to more than Rs 16,000 crore in FY18 compared to Rs 14,000 crore in previous year. The eight brands contributed over 80% to the total FMCG sales.
 
The presentation showed that Aashirvaad atta crossed Rs 4,000 crore sales last fiscal followed by Sunfeast biscuits at Rs 3,500 crore and Bingo chips and snacks at Rs 2,000 crore. Each of the brands rakes in Rs 500 crore worth of sales to last year numbers.
 
While Aashirvaad’s growth was triggered by launch of multiple variants in atta and entry into ghee and spices, Bingo had gained in the bridge snacks segment with products like Tedhe Medhe and Mad Angles competing with PepsiCo’s Kurkure. Next in line were the Classmate stationary and Sunfeast Yippee noodles brands; each clocked more than Rs 1,000 crore in sales. Three brands — Vivel soap, Candyman confectionery and Mangaldeep agarbatti —clocked over Rs 500 crore sales each last fiscal.
 
ITC’s packaged food business is continuing to drive its FMCG growth with personal care brands yet to break into the Rs 1,000-crore plus trajectory. This might slow the pace of growth for the company as the cash-cow packaged food brands have already gained scale with high base. “ITC needs to create new growth drivers, be it in personal care or an entry into home care,” the chief of a leading grocery retail chain said.
 
The most of the major FMCG categories enhanced their market standing during the year. “While Bingo, Aashirvaad atta and Dark Fantasy Choco Fills premium cream biscuits were the key drivers of growth in the branded packaged foods businesses, Engage deodorants, Vivel and Fiama soaps & shower gels and Savlon handwash fuelled strong growth in personal care business,” a spokesperson for ITC said replying to an email.
 
ITC is the market leader in packaged flour, premium cream biscuits and notebooks and the second-largest player in snacks, instant noodles and deodorant. The Kolkata-based conglomerate is betting big on FMCG as the future growth driver to de-risk the cigarette business straining under regulatory pressure with taxes almost trebling in the last six years.
 
The packaged food business is predicted to be a major generator for ITC’s goal to achieve Rs 1 lakh crore sales from the FMCG businesses by 2030, accounting for 60-65% of the total pie.
 
While the packaged food business is profitable, the other FMCG businesses are yet to ring in cash. The company last year commissioned two world-class integrated consumer goods manufacturing and logistics units in West Bengal and Punjab. It is also constructing more of such facilities to secure capacity and rapidly scale up the FMCG business, the ITC spokesperson said.
 

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Yogi Adityanath Calls out Baba Ramdev to solve food park issue in Noida
Yogi Adityanath Calls out Baba Ramdev to solve food park issue in Noida
 

Uttar Pradesh Chief Minister, Yogi Adityanath dials Baba Ramdev to solve food park issue in Noida A day after Baba Ramdev's Patanjali Ayurved said that it's pulling out of its proposed Rs 6,000-crore mega food processing project in Noida, Uttar Pradesh government today sprung into action to resolve the controversy.

According to some reports, Patanjali food park controversy also saw Prime Minister Office intervention asking for the resolution of the issue.

Chief Minister Yogi Adityanath today spoke to Patanjali Ayurved Managing Director Acharya Balkrishna and officials have been asked to look into the bottlenecks and revert quickly.

"CM Yogi Adityanath has talked to Baba Ramdev. Land allotted was under name of Patanjali Ayurveda but later they wanted it under Patanjali Foods. There is no need to sign another MoU. It'll be brought before cabinet," Satish Mahana, UP Minister said.

Patanjali Ayurved said yesterday that it is pulling out of the project along the Yamuna Expressway in Uttar Pradesh due to non-cooperation from the state government.

"We are cancelling the project as we did not get required clearances from the UP state government," Patanjali Ayurved Managing Director Acharya Balkrishna said yesterday.

Citing the reason for pulling out of the state, he said, "We did not get any cooperation from the state government for this project. We have waited for a long time for the clearances but could not get from the state government. Now we have decided to shift the project."

The Ministry of Food Processing Industries had given Patanjali one-month extension till end of June to get the requisite clearances to start the project.

The Hairdwar-based company had proposed to invest up to Rs 6,000 crore for 425 acres plant at YEIDA to cater the domestic and export markets through its step-down firm Patanjali Food & Herbal Park.

Patanjali had claimed that its Yamuna Expressway-based plant would produce goods worth Rs 25,000 crore annually if it runs to its full capacity and creating 10,000 direct jobs, Patanjali had said.

It presently has mega food park projects in Nagpur (MP) and Tejpur (Assam).

 

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Hindustan Unilever to combine foods division with refreshments
Hindustan Unilever to combine foods division with refreshments
 

The country's largest consumer goods firm, Hindustan Unilever has decided to combine its foods and refreshments business into one division effective July, in line with the global category structure of parent Unilever.

Geetu Verma, existing executive director for foods will move to Rotterdam as global vice-president of nutrition and naturals platform in Unilever as a part of strategy. Sudhir Sitapati, currently the executive director, refreshments will head the combined segment, the company said in a statement to the stock exchange.

"This integration will help HUL increase organisational agility and better serve local consumers while harnessing the advantage of global scale," HUL statement said. The combined business accounts for nearly a fifth or Rs 6328 crore to HUL's overall sales.

HUL had split these divisions to have sharper focus in these high growing segments, nearly two years ago. In April last year, the Anglo-Dutch consumer giant announced restructuring its firm including buying back shares, combining its foods and refreshments businesses, reviewing the dual structure and disposing of its underperforming spreads business in the wake of a failed takeover approach for the multinational from Kraft Heinz.

HUL’s food business includes Knorr soup and Kissan Jam and its refreshment brands include Bru coffee, Lipton tea and Magnum ice-cream.

Geetu Verma, 50, joined HUL in 2011 after stints in other top FMCG firms such as P&G, Seagram, and PepsiCo in India and Europe. For Unilever, foods and refreshments have a 43% share in total sales and is headed by Nitin Paranjpe, who was the CEO at HUL five years ago.

 

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Hindustan Unilever plans 'traditional' breakfast' with khichdi, upma
Hindustan Unilever plans 'traditional' breakfast' with khichdi, upma
 

India’s largest consumer goods firm, Hindustan Unilever (HUL) is planning to launch traditional South Asian breakfast options such as khichdi, upma and pongal in a pronounced deviation from its earlier strategy to familiarise the Indian shopper with a more global menu, which included noodles and pre-mixed soups.

The new products, made of millets such as jowar and bajra under its ayurveda brand Ayush, will mainly compete with MTR, Kellogg's, PepsiCo and Marico in the Rs 3,000-crore breakfast market, where consumers have been switching from western cereals to either traditional Indian or healthier alternatives.

HUL’s entry into the segment is also seen as a pre-emptive move aimed at taking the fight to Patanjali, which sells dalia, corn-flakes and oats but also has plans to launch similar products later this year. The Indian unit of Anglo-Dutch consumer giant, however, said it will address some of the key barriers such as use of preservatives and health concerns around packaged foods that have led to the low consumption of such items in India.

“Lever Ayush Foods marks our entry into the health and naturals food segment. With our brand vision of traditional ingredients being made contemporary, we will be able to democratise the benefits of ayurveda inspired recipes to the Indian consumer and do our part in making India healthy,” said GeetuVerma, executive director foods at HUL. It is test marketing the new range in Chennai.

The country’s packaged food market is largely slanted toward biscuits and salty snacks that together is nearly Rs 50,000 crore in size. In comparison, other food segments, especially the breakfast cereal industry, has not made much progress as it has failed to convince Indians to switch their eating habits. When making a choice, Indians have always preferred health to taste. With products such as corn-flakes hit by the convenience and lifestyle trends, there is also a bigger appetite for protein over carbohydrates. “Indians are moving to packaged breakfast options and the main switch is happening between traditional, home cooked breakfast to easier solutions like ready to cook or eat options,” said Aditya Bagri, director at Baggry’s that sells muesli, oats and cornflakes. “There is a segment looking for healthy or functional stuff and also for solutions to our traditional foods made easy.”

Analysts also expect such products to eventually compete with the likes of ubiquitous udipi joints and Irani cafes that cater to most out-of-home breakfast eaters. Some cereal segments have been growing well especially those perceived as healthy, such as oat-based products that have seen Marico or PepsiCo’s Quaker Oats launching masala variants to cater to the Indian palette.

HUL, which sells brands such as Knorr and Kissan, clocked nearly Rs 1,147 crore from its foods division during FY18. Ayush, which was originally launched in 2001, was relaunched in the personal care space with several mass-market products ranging from toothpaste and skin cream to soaps and shampoos. The market has also seen shifting consumer taste toward natural or herbal brands, mostly in personal care, especially after Patanjali’s entry.

While growth at the Baba Ramdev-led firm has tapered off, newer players could add to competition. Last month, Nestle India announced that it will add breakfast cereals from joint venture Cereal Partners Worldwide to its portfolio.

 

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Patanjali makes 30% higher bid to buy Ruchi Soya
Patanjali makes 30% higher bid to buy Ruchi Soya
 

Baba Ramdev-led Patanjali Ayurveda has made the revised offer to the Committee of Creditors (CoC) for the debt ridden company Ruchi Soya, sources said.

As per the sources, the latest bid is around 30 per cent higher than offered by vying Adani group, which has offered around Rs 3,300 crore to the company.

For the revised offer, the Yoga Guru led Patanjali group met the CoC of Ruchi Soya, said a source, adding that they had asked the group to sweeten the offer.

Patanjali has also assured the lenders that it would invest extra capital required to revive the company.

Haridwar-based Patanjali group had emerged as the front runner with a bid of over Rs 4,000 crore to acquire Ruchi Soya.

The CoC of the company is meeting tomorrow and may finalise the bids.

When contacted, Patanjali spokesperson S K Tijarawala said, "Tomorrow CoC is meeting and we are waiting for the outcome."

Patanjali and Adani apart, Wilmar, Emami Agrotech and Godrej Agrovet have also put in bids to acquire Ruchi Soya.

Patanjali Ayurveda and Indore-based Ruchi Soya has previous partnership for edible oil refining and packaging.

Ruchi Soya Which has many manufacturing plants and leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold in its credit is facing the insolvency proceedings for a total debt of about Rs 12,000 crore.

Earlier, Patanjali Spokesperson had said that the company has bid for Ruchi Soya as it aims to be a major player in edible oil segment, particularly soybean oil. It also wants to work for farmers benefit.

In December 2017, Ruchi Soya Industries Ltd went into the Corporate Insolvency Resolution Process (CIRP) and Shailendra Ajmera was appointed to act as interim resolution Professional (IRP). The appointment was made by the National Company Law Tribunal (NCLT) on the application of the creditors Standard Chartered Bank and DBS Bank Ltd, under the Insolvency and Bankruptcy Code.

 

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LB Consumer Goods Launches Ray Cooking Spray For Optimum Oil In Food
LB Consumer Goods Launches Ray Cooking Spray For Optimum Oil In Food
 

In a bid to consolidate its presence into the growing FMCG industry, Nagpur based LB Consumer Goods Pvt. Ltd. has re-launched Ray Cooking Spray’ for cooking purposes. The unique selling proposition of cooking oil spray is that it offers optimum amount of oil in the diet, without compromising on the taste.

Ray Cooking Spray has come up with better version of spray which is free of preservatives to add to its purity. The nozzle design has also been revamped making it leak proof and unmovable. This helps to secure the oil and manage its use in a better manner.

Indian cuisine utilizes the plentiful amount of oil, no matter which part of India the dish originates from. While this diet was essential for people in earlier times, as their lifestyle included intense physical activities like farming, the lifestyle of Indians today does not warrant the same usage of oil in preparing the food. It is due to this factor that India today faces a huge diabetic, hypertension and obesity burden.

Used worldwide for reducing the quantity of oil going into the food, the spray also proves helpful in restricting the amount of fats in the diet. With this re-launch, efforts will be made to raise awareness about the benefits of cooking sprays and how they can be instrumental in helping people achieve their fitness goals.

This logic has been tested and approved by certified laboratories that have found that using cooking sprays with their unique dispensing mechanisms enables people to cut down on their oil consumption by up to 10 Times. Each can of Ray Cooking Spray (200 ml) equals to 2.4 Litres of regular cooking oil which means with the use of Ray Cooking Spray oil consumption in daily food is reduced by 10 times and reducing fat content up to 80%.

This is because the dispensing mechanism breaks the thick and viscous oil into very fine particles and covers the entire cooking pan adequate for cooking food. Imagine when a thick and viscous drop of oil is broken into a very fine mist which covers the cooking Pan. This is all that is required for cooking.

It is important to highlight that more oil does not mean that the food will be tastier. It just means that the excess oil will be floating around in your dish and has higher chances of causing atherosclerosis, that is, a build-up of fat in your blood vessels.

Ray Cooking Spray also makes it easier to grease the utensils for baking purposes. One spray of Ray Cooking Spray does the same job that a pat of butter or 1-2 tablespoons of oil would do.

The spray would be available in four variants- Rice Bran, Olive, Groundnut and Sunflower. The product is available in Mumbai, Pune, Bangalore, Nagpur, Hyderabad, Delhi NCR, Chandigarh, Ahmedabad and all leading E-Commerce Platforms. In the later phase, the product’s markets would be expanded to rest of the country.

 

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Haldiram's Branches out travel and tourism business
Haldiram's Branches out travel and tourism business
 

Indian snacks firm Haldiram’s is making it concrete and branching into travel and tourism business to tap India’s booming tourism industry.

Haldiram’s has started a travel firm called Travhos Experience and hired half a dozen tourism professionals to spearhead the travel services foray of the eight-decade-old company famous for its Indian snacks and restaurants.

Siddharth Sharma, general manager of Travhos like SOTC or Thomas Cook said the newly formed company will sell everything from packaged tours to adventurous treks. “Our model is to make all kind of travel experiences accessible to the public.”

He said the company will offer services in heritage, spiritual, adventure, business and other travel packages for India and abroad.

Haldiram’s will start its travel services in the Delhi region in coming weeks and will market its travel products in its sweet outlets and restaurants. Later on, the company plans to sell its travel services from its outlets and restaurants.

Beginning with a small shop in Bikaner in 1937, Haldiram’s survived disputes and break-ups in the original Agarwal family. Haldiram’s is the biggest brand of those launched by the Agarwals.

The company has three distinct areas of operations with Haldiram’s Snacks and Ethnic Foods that clocked Rs 2,136 crore from the northern region last year, Nagpur based Haldiram’s Foods International that caters to western and southern Indian markets with annual sales of Rs 1,613 crore and a much smaller company, Haldiram Bhujiawala, for the eastern market with revenues of Rs 298 crore in FY16, data from Tofler, a company research platform, showed.

 

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Godrej, Patanjali among 4 FMCG bidders for Ruchi Soya
Godrej, Patanjali among 4 FMCG bidders for Ruchi Soya
 

Patanjali Ayurveda which claimed to be reluctant in Ruchi Soya Industries has surprisingly submitted a bid for the commodities player, the last day given by the resolution professional to submit bids for the bankrupt company.

Patanjali Ayurveda’s entry in the auction process of Ruchi Soya complicates matters for other companies Godrej Agrovet, Adani Wilmar and Emami which, too, submitted bids on Wednesday as the Baba Ramdev-led firm is a known disrupter in the FMCG segment.

If successful, Patanjali gets a firm foothold in the cooking oils business where Adani, through its partnership with Wilmar, Emami and Godrej are established players. Patanjali Ayurveda already has a tie-up with Ruchi Soya for edible oil refining and packaging.

With around 24 plants of crushing, milling, refining, and packaging edible oils, an acquisition of Ruchi Soya will be useful to Adani Wilmar and Godrej Agrovet, helping them consolidate their positions in the market.

Initially, 20-odd companies were said to be in the race to acquire Ruchi Soya, which has a product portfolio that includes well-known brands like Nutrela, Ruchi Gold, and Ruchi Star. However, on Wednesday, only four players submitted their bids, multiple sources told TOI. Ruchi Soya, promoted by Dinesh Shahra, owes more than Rs 10,000 crore to creditors. After the company failed to repay the dues, the creditors decided to auction the firm and they appointed Shailendra Ajmera of EY to oversee the bidding process.

Ruchi Soya Industries closed 16% down at Rs 13 on the BSE on Wednesday.

 

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ITC pips PepsiCo in salty sticks, triangles
ITC pips PepsiCo in salty sticks, triangles
 

Packaged foods companies PepsiCo India and ITC are in market leadership race for Rs 23,000-crore salty snacks market which have come in the spotlight due to two competing companies.

The Rs 3,400-crore subset in question is ‘bridges’, where ITC’s Bingo Tedhe Medhe and Bingo Mad Angles compete with PepsiCo’s Kurkure. Bridges primarily consist of two formats — sticks and triangles. While most players in the category operate in sticks, the triangular format is pioneered by Mad Angles, inspired by the traditional Gujarati snack khakra. The four broad sub-segments of the salty snacks industry are Indian namkeens (Rs 9,500 crore), potato chips (Rs 5,500 crore), extruded (Rs 4,300 crore) and bridges. PepsiCo and ITC compete in almost all segments of salty snacks. Besides, they also compete in juices.

According to Nielsen data for February and March 2018 in the bridges segment, ITC Bingo, with a share of just over 30%, has overtaken PepsiCo’s Kurkure by a small margin. ITC has displayed consistency in being a leader in this subset for three months (January, February, and March) this year.

However, according to Nielsen’s moving annual total (MAT) data for March 2018, PepsiCo has a higher value share of about 31% as compared to ITC’s share of about 30%. MAT data is relied upon by the FMCG industry to get a picture of the rolling yearly sum. However, any event such as a change in leadership — no matter how minor — in a particular month indicates a turning point for a brand.

“ITC Bingo is today the market leader in the bridges segment. The category has become a lot more challenging with the expansion of various smaller and regional players. However, ITC Bingo has been steadily growing in the segment and has maintained a very high share vis-à-vis competition. Tedhe Medhe has been the growth driver for ITC in the bridges segment. The brand continues to grow in double digits every year,” ITC divisional CEO (foods) Hemant Malik said.

PepsiCo India, however, doubts the data related to the subset. “In our view, the understanding of the category is important. The bridges category appears outdated and does not hold relevance given the evolution of the snacks market and consumer preferences. PepsiCo looks at the broader extruded segment and so does Nielsen (that includes sub-categories like collet, puffs, triangle-shaped chips and others) where bridges are only a subset. Hence, it is not a like-to-like comparison,” said the PepsiCo India spokesperson.

In extruded snacks, PepsiCo India has a higher share of 26% (MAT data for March 2018), while ITC is at around 21%. The PepsiCo India spokesperson said considering that salty snacks are a very complex category — with multiple segments and sub-segments operating within it — different manufacturers and brands may assess their performance based on classifications best suited for them in the market. This is done by taking into account factors such as the presence of branded products in a segment, average selling price of segment or sub-segment.

PepsiCo India, which extended its portfolio with the launch of Kurkure Triangles, is the market leader in salty snacks, which is also the fastest growing category in overall snacks. “Our flagship brand Kurkure is growing at a healthy double-digit and we aim to double our volumes on the brand in the next five years on account of regionalisation and innovation,” the spokesperson added. ITC, on the other hand, has utilised its in-house culinary expertise of ITC hotels’ chefs to understand the needs of variety-seeking consumers in different geographies.

“ITC has a widespread distribution network that plays a critical role in ensuring product availability across the length and breadth of the country. Strong distribution growth is also a key driver for Tedhe Medhe’s business growth. In the last one year, ITC has added over 2.9 lakh retailers in the bridges segment,” said Malik.

 

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Dabur records 19% Q4 profit growth at Rs 396 Cr
Dabur records 19% Q4 profit growth at Rs 396 Cr
 

FMCG major Dabur India has recorded 18.9 per cent year-on-year (YoY) rise in consolidated net profit at Rs 396.20 crore for the March quarter, an apparent rise with Rs 333.10 crore profit reported for the corresponding quarter last year.

Consolidated revenue from operation rose 6.2 per cent YoY in the March quarter to Rs 2,032.90 crore, from Rs 1,914.70 crore in the year-ago period.

Operating profit rose 16.2 per cent YoY to Rs 485.20 crore. PAT margin expanded 209 basis points on a YoY basis to 19.5 per cent.

Growth in the domestic FMCG business stood at 10 per cent, led by 7.7 per cent volume growth. The international business reported 16.8 per cent growth in constant currency terms.

The company’s board has recommended Rs 1.25 per share dividend and a special dividend of Rs 5 per share, the company said in a statement.

 

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Lanson Group forays into ready-to-eat snacks segment
Lanson Group forays into ready-to-eat snacks segment
 

With the launch of its B2C brand ‘Popodax’ that has a range of flavoured appalams, Lanson Group has confirmed its venture into ready-to-eat snacks segment in the Indian market with the

“The products will be available in mom and pop stores, clubs and e-commerce websites such as Amazon from May, at packs worth Rs 10 and Rs 30. The group exports appalams and variants to the UK, holding 80% market share. It also exports to the US and Australia,” says Lankalingam, chairman and innovation head, Lanson Value Added Services.

The company also supplies to FMCG brands globally, manufacturing variants of the snack in five manufacturing units spread across Chennai and Thiruchendur.

“Lanson alone makes 1.5 million appalams a day for its global customers. With the vision of ‘consumer loyalty nourished by consumer delight’ our aim is to put a smile on the faces of consumers of every age by providing them innovative snacks for their unmet needs. This is one of the main reasons, we have decided to launch our own brand of ready-to-eat mini appalams – Popodax,” added Lankalingam.

“Popodax will initially be offered in Tamil Nadu markets in stages, beginning with markets such as Chennai, Coimbatore, Madurai, Salem and Trichy and will be available in retail shops from May 2018.Within the next six months, the brand will be available in about 50 towns in Tamil Nadu and will be present in 20,000 outlets within the first year. With Popodax, we would like to garner about 2% of the ready to eat snack segment in the outlets that we will be present” Popodax will be available in 6 SKU’s- 3 flavours - Classic, Tomato & Chili, and Sour Cream & Onion,” added B Nandakumar, chief mentoring officer, LVAS.

 

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ITC aims 10-12% market share in packed juice segment By next year
ITC aims 10-12% market share in packed juice segment By next year
 

FMCG major ITC is expecting 10 to 12 per cent market share in the packed juices and fruit beverages segment by next year as the company bets on its not from concentrate' range of juices, said a top company official.

ITC would continue to add more flavours in B Natural's portfolio and plans to add 4-5 new variants in next few months. Besides, the Kolkata-headquartered company is also looking to tap the export market.

"We believe that we should get a double-digit market share of the juices by next year," said Hemant Malik, ITC Divisional Chief Executive, Foods Division.

ITC has around 7 per cent share in the juices and fruit beverages market, which is estimated to be around Rs 2,500 crore. The market is growing 13 to 14 per cent annually and is dominated by players like Pepsico's Tropicana and Dabur's Real, the company said.

"This will lead to sourcing of over 2.5 lakh tonnes of fresh fruits directly from Indian farmers annually instead of importing concentrates," said Malik.

He further added, “Globally, the trend is moving towards not-from-concentrate based juices, and in markets as the US, it is sold at 30 per cent premium. We have 13 products and now our entire range would be made not from concentrate and fruits sourced from the domestic market.”

It is also strengthening the distribution network of B Natural and would focus on small tier III markets, which have also started consuming packed juices, besides tier I & II places.

"We are using our distribution strength to expand availability across both rural and urban markets," he said.

Besides ITC has also started exporting B Natural to Middle East targeting the Indian diaspora and is looking at markets as US, Canada, Australia and New Zealand.

The company has also come on the heel for branding and promotions of their business.

 

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Food Empire Group Acquires 80% Stake Of Positive Food Ventures
Food Empire Group Acquires 80% Stake Of Positive Food Ventures
 

Singapore FMCG firm Food Empire Group has acquired an 80% stake in Positive Food Ventures’ ice tea brand Brewhouse. While the company did not share details on the financials of the deal, the acquisition was made for Rs 4 crore according to sources aware of the transaction.

The acquisition will enable the Food Empire Group to enter the Indian market through the iced tea market as also bring in its own products across beverages, finger foods, snack foods and more. The 7 month old Delhi-based company is looking to use the capital to increase its production capacity and expand its geographical reach.

The acquisition will see the Food Empire Group invest further capital in Brewhouse over a long term as it expands its India portfolio. Brewhouse which is backed by Dheeraj Jain of Redcliffe Capital, offers 3 variants of ice teas, having sold 70,000 bottles across various QSR outlets in and around Delhi since its launch.

Siddhartha Jain, MD of Positive Food Ventures said “Currently, the company has one production unit in Delhi and is in talks to set up 2 more in Noida and Chennai through partnerships with third party manufacturers. We hope to get our manufacturing units ready by January. We want to expand to Bangalore and later Mumbai.”

With the new production centres helping to boost volumes, Brewhouse is looking to widen its reach across the QSR chain in newer markets while also enable sales through online e-commerce marketplaces starting February.

Dheeraj Jain Managing Partner at Redcliffe Capital who backed Brewhouse at the early stage said “We believe the ice tea category has the potential to reach Rs 500-600 crore in sales in a few years. As the first-mover and market creator of this particular niche, we plan to capture the lion’s share of this volume.

The Food Empire Group first entered India in 2012-13 with a $30 million greenfield investment in an instant coffee plant in Andhra Pradesh, a 100% export oriented unit. Its Brewhouse acquisition will enable a direct channel for the group’s India entry over the next year.

 

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RP-SG Eyes Rs 1000 Crore Revenue From Food Brand
RP-SG Eyes Rs 1000 Crore Revenue From Food Brand
 

RP-Sanjiv Goenka (RP-SG) Group has set a target on making Too Yumm its home-grown FMCG food product a Rs 1,000crore brand, by 2018-19. If Too Yumm can achieve this feat then it would become one of the few FMCG brands to touch Rs 1,000crore figure in the shortest time. In order to make Too Yumm one of the fastest-growing FMCG food brands, the Rs 21,000crore group, with interest in power, retail to sports, has roped in Team India captain Virat Kohli to endorse the high-end snacks, being projected as ‘guilt free’ food.

Sanjiv Goenka the chairman of RP-SG Group said “its foods business, which the group started seven months back, has already crossed Rs 100crore mark. The group’s other food brand E-Vita came via acquisition four months back. Too Yumm is priced at Rs 10, 20 and Rs 40 while E-Vita which is positioned as ‘sabse sasta’ (cheapest) snacks is priced at Rs 5. Both the brands are now available in 50,000 outlets and in next three months will be available in 1.5 lakh outlets. The group’s food business has started generating an average revenue of Rs 15 crore per month and from March this year, it could be Rs 30 crore taken together both the food brands. We are growing exponentially and hope to grow at 25% making them one of the fastest-growing brands in FMCG space”.

In 2017-18, the group is hoping that the foods business will cross Rs 500 crore mark and by FY19, it would be much bigger with Too Yumm alone crossing Rs 1,000 crore figure.

Elaborating the future plans, Goenka said “it is planning a slew of launches under both these brands in the next few months. We shall launch three more products in January itself. The group is looking at both organic and inorganic options for growth. it clear that the group has no plans to enter non-food FMCG business in the next one year.”

 

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Britannia to build Rs 1,000-cr plant in Maharashtra
Britannia to build Rs 1,000-cr plant in Maharashtra
 

In the past 98 years of its history, biscuits major Britannia Industries Ltd (BIL) is coming up with its largest plant ever in Ranjangaon in Maharashtra where investment of Rs. 1,000 crore over a 2-year period will be made which will make the company less dependent on outsourced manufacturing of its products. "We have already acquired 96 acres for this project and have applied to the government for another 48 acres", the company's managing director, Varun Berry said here after BIL's annual general meeting (AGM).

To be completed in the next 1-2 years in phases, the 0.12 million tonne (mt) annual capacity plant will initially have six production lines of biscuits, and one line each for cakes and croissants. At a later date, other product lines like rusks, flour mill and dairy products may be incorporated. Commissioning of this project, the largest ever in the company's history, will increase BIL's annual production capacity to 1.22 mt which will help it reduce outsourcing.

During the course of the AGM, the company's chairman, Nusli N. Wadia, while responding to a shareholder's query said that out of the total production in the company, 45 per cent is outsourced and he plans to bring it down to 35 per cent in the short-term. Berry later confirmed that the comment was related to the commissioning of this new greenfield venture. Berry reasoned that the nearby catchment area for this integrated food park, which includes Pune and Ahmednagar in Maharashtra produces the highest quantity of cow's milk in the country which can be easily fed to this Ranjangaon plant. BIL plans to manufacture 85 per cent of the total dairy produce from this plant once it is commissioned. The company will also be undertaking a feasibility study for manufacturing specialised kind of flour which it requires for the upcoming cream-filled croissants range of products.

Recently, it has entered into a joint venture agreement with Chipita S.A., a Greek company, for the manufacture and sale of ready-to-eat croissants. "Every year, we will target to launch one new product and enter one new geography. The ambition is to become a total foods company", Berry said adding that he plans to set-up a Rs. 55 crore plant in Nepal in the current year to cater to that market. Additionally, the company is also in the process of commissioning a greenfield plant each in Assam and the Mundra Special Economic Zone. The latter will cater exclusively to its export market. This year, the company has lined up a Rs. 400 crore capital expenditure plan and has upped it's cost saving plan from the current Rs. 140 crore per annum to Rs. 250 crore this year. Price increase likely Berry maintained that the immediate effects of the Goods and Services Tax (GST) was neutral for the company and thus it didn't increase prices. However, in the coming days, the average price in the BIL portfolio is likely to shoot up by 2-3 per cent. "We had increased our product prices in the year before the GST implementation and thus didn't need to increase it further. However, a 2-3 per cent price increase is likely", he said.

Under the new tax regime, biscuits attract a 18 per cent tax, packaged bread is taxed at 17 per cent while the tax rate for cheese is 12 per cent and for rusks, it is five per cent. "Wherever price benefits needed to be done, we have done that", he added. To face the changeover, the company had started corrections in the distribution channels in the preceding months of GST implementation like increasing the credit period to its sales channels, restocking of products in 4.7 million outlets and other measures which helped it maintain an operating profit in the first quarter of the current fiscal year. However, like any other FMCG company, BIL is planning to increase the share of direct distribution by adding 40,000 outlets thi year. Currently, direct distribution accounts for 16 per cent. Berry added that the company is considering consolidating its cream biscuits business this year which has a 35 per cent market share. In the past the company had consolidated other brands to merge with the 50:50 brand of salty biscuits.

"The plan is to have one large brand in each of the five categories", the company's vice president of marketing, Ali H. Shere said. Tax benefit erosion marginally hits Q1 bottomline BIL posted a six per cent growth in its topline at Rs. 2301 crore for the quarter ended June 31, 2017 although its net profit dipped marginally by 1.4 per cent at Rs. 216 crore. In the corresponding months of the last fiscal year, BIL posted a Rs. 2162 crore net earning and a profit of Rs. 219 crore. Berry reasoned that the dip in profit was the result of erosion of tax benefits to the company as it was able to sail through the undercurrents created in the consumer market on account of the switchover of the tax regime. On the BSE, The BIL scrip peaked by 4.96 per cent to close at Rs. 4107.35 apiece reaching a peak of Rs. 4214.50 per share at 12:18 P.M.

 

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?Britannia explores growth opportunities in bakery segment
?Britannia explores growth opportunities in bakery segment
 

To strengthen its position as a leading food company in the country, FMCG major, Britannia is scouting for profitable growth opportunities, especially in the bakery segment.

Britannia, in its Annual Report for 2016-17, said, "Going forward, your company's major focus areas would be entry into adjacent food categories... Your company has been actively working on realising untapped opportunities in the bakery business as well as in the adjacent macro snacking space."

It further said, "Your company shall continue to scout for many such profitable growth opportunities to ensure that it stays ahead of the market while transforming itself into a total foods company."

Last year, Britannia, whose main business segments are bakery and dairy, had entered into a joint venture (JV) agreement with Greece's Chipita S. A for manufacture and sale of ready-to-eat filled croissants.

Currently, the work is underway to establish operations of the JV.

The company also expects to use its newly-launched research & development (R&D) centre at Bidadi near Bengaluru for launch of new products.

It added, "R&D centre is now fully operational with enhanced capabilities for the core as well as future adjacent product categories which will help in innovating faster with superior product experience delivery."

In order to increase its international business, the company is also evaluating entry through local manufacturing, wherever feasible, in high potential markets which are currently not accessible through exports routes due to high trade barriers.

 

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Anmol Industries eyes Rs 2000 crore turnover by 2020
Anmol Industries eyes Rs 2000 crore turnover by 2020
 

Kolkata-based FMCG major, Anmol Industries said that though biscuits industry remains revenue neutral in the new taxation regime, the company was moving ahead for pan India presence by the current fiscal ending March 18.

Bimal Kumar Choudhary, MD, Anmol Industries, said, "Goods and services tax is revenue neutral for the biscuits industry. We are going ahead with plans to have our footprint in West and South India by this fiscal to have pan India presence."

The company said they are currently restricted in the east and northern markets of the country and enjoys 7% market share in these markets.

Ranendra Nath Ojha, Chief Marketing Officer, Anmol Industries, said, "We have 7% market share in the markets we are operating but on national ranking we are fourth with 4.8 per cent of share in the Rs 28000 crore industry."

The company plans to foray into Andhra Pradesh, Telegana, Maharashtra and Karnataka states in the next few months.

The company that began its journey in 1994 from Dankuni in West Bengal, now has 7 plants with the latest one in Bhubaneswar in Odhisa ramping its production capacity to three lakh tonne per month.

Ojha said, "The Rs 135 crore plant in Odisha will help us to expand in the state and foray into southern states."

Choudhary said, "The company was targeting Rs 2000 crore turnover by 2020. The company did not ruled out an initial public offer in future."

 

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Mother's Recipe introduces a range of street-styled authentic chutneys
Mother's Recipe introduces a range of street-styled authentic chutneys
 

Pune-based Mother’s Recipe, packaged food brand from Desai Brothers, has introduced a range of street-styled authentic chutneys manufactured in its state-of-the-art plant in Pune under strict hygienic conditions.

These chutneys are available in different variants such as Delhi Chutney, Bhelpuri Chutney, Red Chilli Garlic Chutney, Samosa Chutney and Tamarind Date Chutney.

Sanaja Desai, Head of Business Development, Desai Brothers Ltd. (Food Division – Mother’s Recipe), said, "Mother’s Recipe is committed to deliver products, which satisfy palates and are appropriate for the Indian consumer. Our home style range of chutneys are result of extensive research and consumer insight which are made from the fresh ingredients to deliver authentic taste of home cooked food."

The products are available in all hypermarkets, exclusive Mother’s Recipe outlets and local retail stores across Bangalore, Pune, Mumbai, Delhi, Noida, Hyderabad, Ahmedabad and Punjab and on bigbasket.com.

 

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Print new MRP on unsold items or face legal action, says Ram Vilas Paswan
Print new MRP on unsold items or face legal action, says Ram Vilas Paswan
 

Union Food Minister, Ram Vilas Paswan said that manufacturers and vendors will have to print revised Maximum Retail Price (MRP), next to the old MRP, post Good and Service Tax (GST) rollout on unsold stocks or they will have to face legal action.

Paswan said, "We have issued an order seeking immediate printing of revised MRP as prices have either come down or gone up after the GST. So there will be two MRPs, old and revised. It will be in force till September 30. Later, there will be only revised MRP."

The order is applicable for unsold stocks up to July 1. New revised MRP declaration can be done through stamping, putting sticker or online printing.

The minister said, "The ministry was planning a dedicated helpline to lodge complaint related to overpricing by manufacturers, wholesalers, vendors."

He said, "If customers notice that revised MRP is not printed and products are overpriced, they can lodge complaints through the helpline. Strict action will be taken."

The minister appealed the manufacturing companies to inform people about the change in the MRP through newspaper advertisements.

 

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ITC to open Fabelle boutiques in Delhi and Kolkata by September end
ITC to open Fabelle boutiques in Delhi and Kolkata by September end
 

Kolkata-based FMCG major, ITC Ltd, makers of the Fabelle luxury chocolate brand, has decided to open up India's first branded chocolate boutiques by setting up luxury boutiques till now confined to the premises of its hotels. The fast-moving consumer goods major aims to come up with one store each in Delhi and Kolkata by the end of September.

Hemant Malik, Chief Executive of foods, ITC told Business Standard, "Spaces have been identified and will be operational sometime next quarter. The identified spaces will be our own in the current phase to ensure quality and a befitting experience for the consumer."

The company’s luxury chocolate brand, Fabelle sells in boutiques inside seven of its hotels. In September last year, ITC had indicated plans to take this brand outside its hotel premises. Since then, it has been scouting for space in luxury malls to suit the brand’s premium positioning and to give the brand good visibility.

Malik said, "Plans are on to take the range outside ITC Hotels to premium modern trade outlets and select malls as well as Wills Lifestyle stores for greater accessibility and visibility."

Currently, the Fabelle boutiques inside the ITC hotels are built over an area of 700-800 square feet each.

According to the company, limiting Fabelle to select company-owned hotels was effective, helping the brand to establish itself in the luxury market.

Apart from chocolates, the current Fabelle boutiques in the ITC hotels will also offer desserts and cocoa beverage. 

 

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Nestle reports a net profit increase of 6.76% in Q1
Nestle reports a net profit increase of 6.76% in Q1
 

FMCG major Nestle India has reported an increase of 6.76 per cent in net profit to Rs 306.76 crore for the first quarter this year, driven by volume growth across products including Maggi noodles.

The company, which follows January-December period as financial year, had posted a net profit of Rs 287.32 crore for the March quarter of last fiscal.

Its net sales during the quarter under review were at Rs 2,575.74 crore, up 9.10 per cent as against Rs 2,360.80 crore a year ago, Nestle said in a BSE filing.

Suresh Narayanan, CMD, Nestle India, said, "Innovation and renovation, as also volume based growth, are core business strategies outlined by Nestle India almost 18 months back and I am pleased that this strategy is now playing an important role."

During the quarter, domestic sales moved up 9.74 per cent to Rs 2,409.34 crore as against Rs 2,195.46 crore in the corresponding period a year earlier.

Nestle said, "Domestic Sales increased by 9.7 per cent mainly due to increase in volumes across product groups, including rebuild of the Maggi noodles, supplemented by marginally better realisations mostly from carry over pricing."

However, its exports were almost flat at Rs 166.40 crore as against Rs 165.34 crore.

Nestle added, "The growth of 0.6 per cent in exports was largely impacted by lower sales to Nepal and Bhutan."

Nestle's total expenses in the first quarter were up 12.81 per cent at Rs 2,153.46 crore as against Rs 1,908.85 crore.

The company's stock settled at Rs 6,819.55, down 0.48 per cent, on BSE

 

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