Borco, the company being acquired, possesses the renowned Sierra Tequila brand. (Representative Image)
Stock Spirits Group has recently announced its acquisition of Borco, a renowned spirits producer based in Germany. The financial details of the transaction have not been disclosed at this time.
As per the company’s statement, the acquisition will facilitate Stock Spirits’ entry into the German market while expanding its portfolio with the addition of a tequila brand. Borco, the company being acquired, possesses the renowned Sierra Tequila brand.
Furthermore, Stock Spirits will capitalize on Borco’s existing distribution networks to introduce its own brands into untapped markets. This strategic move will allow Stock Spirits to expand its reach and establish a presence in new territories.
Meanwhile, Borco is actively seeking a strategic investor to bolster its brand portfolio’s global expansion efforts.
Stock Spirits specializes in the production of an extensive assortment of alcoholic beverages, encompassing vodka, flavored liqueurs derived from vodka, rum, brandy, bitters, and limoncello. With a presence in over 50 countries worldwide, the company boasts a diverse portfolio of 70 brands. Operating across five production sites, Stock Spirits employs over 1,200 individuals.
Markus Kohrs-Lichte, Chairman of the management board of Borco, said, “The planned transaction with Stock Spirits is the right step into the future for Borco. The company will be able to continue to develop effectively and consistently expand its international business, which is good news for customers, business partners, and employees.”
Jean-Christophe Coutures, Stock Spirits CEO, commented, “Borco has been a trusted and respected player in Germany and Austria for many years. The acquisition of Borco will be important step in our Western Europe expansion. Borco will benefit from better development opportunities including access to Stock’s extended spirits portfolio. Stock Spirits will gain access to the German market, one of the largest and most dynamic spirits market throughout Europe.”
Krzysztof Krawczyk, partner in CVC Capital Partners, added, “Our investment in Stock Spirits assumed M&A growth into new geographies across Europe and we are delighted that the business is making a strong progress in this strategic direction. Borco’s brands, in particular Sierra Tequila, have a great international potential, which we want to develop, and it’s an important addition to Stock’s geographic footprint.”
The transaction is subject to German and Austrian regulatory procedures.
The Indian Beverage Association (IBA), headquartered in New Delhi, which serves as a representative body for major industry players including Coca-Cola, PepsiCo, Red Bull, and Dabur, has recently appealed to the government for the exclusion of certain product categories, such as carbonated beverages and juice-based drinks, from being subjected to ‘sin taxes’ or taxes imposed on products deemed unhealthy.
Ahead of the upcoming GST Council meeting on Tuesday, an industry group has expressed its concerns regarding the negative perception created by the current GST classification of certain products. In separate letters addressed to the Ministry of Finance, the Ministry of Food Processing Industries, and the GST Council Secretariat, the industry group has highlighted the need for reevaluation and revision of the GST classification for these products.
Regardless of their nutritional content or sugar levels, all carbonated drinks are currently categorized as sin goods, along with alcohol and tobacco. As a result, they attract a peak GST rate of 28%, along with an additional compensation cess of 12%.
“Irrespective of the ingredients used and nutrition content, a negative perception has been created by GST classification of these products (as demerit or sin goods) that non-alcoholic beverages are harmful for health,” the letters said.
“The food processing ministry has supported our demand of rationalisation of GST rates on non-alcoholic beverages for faster growth of the sector. IBA has also made representations to many states on the same lines,” said JP Meena, secretary general of IBA.
The association has suggested a decrease in the tax rate for carbonated fruit drinks or carbonated beverages with fruit juices from the existing 28% GST along with a 12% compensation cess to a new rate of 18% GST.
“Facts don’t suggest that a higher sin tax works to change behaviour. A higher tax on carbonated fruit drinks is not a solution to the problem of obesity, given the small proportion of calories they contribute in the average diet. Singling out these products for higher taxation is, therefore, devoid of merits,” IBA has stated in the letters.
The association claimed that products considered less healthy, such as sweets and chocolates, are subject to significantly lower GST rates.
The heavy rainfall wreaked havoc on online deliveries in urban centers, including Delhi and the National Capital Region. The region was hit by the worst deluge in decades over the weekend, leading to widespread flooding. This catastrophic event caused a major disruption for consumers who have come to rely on online deliveries for their daily essentials, such as food and medicine, not only in recent years but especially since the start of the pandemic.
Due to the overwhelming volume of water and the failure of the drainage system, the roads became flooded, reaching waist height and beyond. Numerous delivery services, including Swiggy, Zomato, Zepto, Blinkit, and Milk Basket, were unable to accept orders due to the inaccessibility of large clusters affected by the floods. Executives from e-commerce platforms, as well as grocery and restaurant companies, reported significant delays in their operations.
“Our operations have been affected due to rains in some parts of the country. We hope to be back soon,” food delivery platform Zomato, which also owns instant grocery delivery platform Blinkit, tweeted on Sunday, in response to multiple consumer complaints.
Over the past few days, northern India has been relentlessly pounded by the monsoon, resulting in tragic loss of life, destructive landslides, extensive property damage, and a significant number of people left homeless.
Restaurants Badly Hit
According to the India Meteorological Department, the confluence of two weather systems, namely monsoon winds and a western disturbance, has resulted in heavier rainfall than usual. Himachal Pradesh has been severely affected, with approximately 20 casualties reported, as per PTI.
According to a Zomato executive, services have been affected by the weather due to limitations in infrastructure and challenging road conditions.
“We are trying our best to be serviceable at this time,” this executive said. Restaurants were badly hit with few guests braving the rain in any case.
“Deliveries are more or less at a standstill in rain-impacted cities as logistics are severely hampered,” said Anjan Chatterjee, Chairman of Speciality Restaurants, which operates Mainland China and Oh! Calcutta. “Dine-ins are anyway affected because people are unable to move out of their homes. We hope this is a short-term phenomenon and the situation will be normal soon.”
In addition to deliveries, executives expressed that operations and supplies suffered as a result of insufficient support from public infrastructure.
“Deliveries getting insanely delayed in impacted cities; kitchen operations and supplies are being hampered as well,” said Nitin Saluja, Co-Founder of tea-cafe chain Chaayos. “Consumers are ordering more, but it’s the deliveries which are being unable to operate efficiently.”
Consumers in various regions of the country expressed their frustration on Twitter regarding the unavailability of essential deliveries during a period when leaving their homes was not feasible. The implementation of work-from-home and online schooling in cities like Gurgaon on Sunday exacerbated the strain on online delivery services.
Responding to aggrieved consumers on delays and rain surcharges over the past few days, Swiggy posted multiple texts on its social media handle, “We levy the rain fee to get more delivery executives on the streets during rains… Delays are due to rains,” and so on.
According to companies that specialize in selling daily essentials and grocery products, the recent disruptions caused by rain-infrastructure have occurred just as quick commerce platforms like Swiggy’s Instamart, Zomato’s Blinkit, Zepto, and BigBasket’s BBnow are experiencing faster growth compared to traditional e-commerce platforms.
“Even though we are seeing the number of consumer orders have increased, as many are working from home and people generally cannot step out, it’s the deliveries that are being disrupted in rain-impacted markets,” said Mayank Shah, Senior Category Head at cookies and confectionery products maker Parle Products.
Ecommerce platforms have stated that they have provided riders with essential supplies such as raincoats, as well as emergency and medical assistance.
“During monsoons and any other extreme weather conditions, our primary focus is on safety,” said Vikas Sharma, Chief Operating Officer at quick commerce platform Zepto. “While the timelines may be slightly affected given the traffic congestion and waterlogging, our proprietary tech system helps minimise the impact by blocking the affected routes and providing riders with safer alternative routes.”
According to industry executives, the ecommerce grocery market in India is currently valued at INR 3,000 crore and is experiencing significant growth. Swiggy Instamart, a prominent player in the market, is estimated to handle approximately 450,000 daily orders, while Zepto manages around 300,000 daily orders. In a recent update, Zomato announced that Blinkit, their subsidiary, successfully delivered 31.6 million orders in the quarter ending December 2022.
According to the India Meteorological Department’s forecast, there will be substantial rainfall throughout the week due to the influence of western disturbances and strong winds.
All schools in Punjab have been instructed to remain closed until July 13, while the Chandigarh administration has recommended that both public and private offices contemplate temporary closures.
Parineeti Chopra, the renowned Bollywood actor, has recently made an investment in Clensta, a promising startup in the personal care industry.
Clensta, established in 2016 by Puneet Gupta, is a pioneering personal care startup that specializes in providing sustainable healthcare and wellness products. Their extensive range includes offerings in categories such as haircare, skincare, and more.
The startup’s objective is to provide consumers with environmentally-friendly, efficient, and sustainable solutions that improve their well-being while reducing their carbon footprint.
Commenting on the investment, Parineeti Chopra said, “This association gives me a great opportunity to help build a brand that will stay relevant for years to come because of its focus on product and its unique ethos to create ethically and consciously. I feel very strongly about treating our planet responsibly and am delighted that Clensta’s range of products fulfil the promise of providing consumers a better way.”
On Chopra’s association with Clensta, Founder Gupta said, “She understands our long-term vision to make sustainable, affordable and effective personal care solutions that are locally made for one and all, including our global customers. We look forward to taking Clensta to new heights with her support.”
According to the startup, it has received funding from various notable investors and organizations, including IAN and IAN Fund, IPV, VCats, Hem Securities, TradeCred, the Royal Family from UAE, Ex-Im Bank of India, Mumbai Angels, Keiretsu, LetsVenture, O2 VC Fund, and several others, since its inception.
Presently, Clensta distributes its products through multiple e-commerce channels, which include Nykaa, Amazon, Flipkart, as well as 20 other platforms. Additionally, the company sells its products through its own website.
It is a frequent occurrence in the Indian startup ecosystem to witness the participation of celebrities and Bollywood actors as investors.
Recently, on July 5, the emerging digital content startup Knocksense made headlines with the news of an investment from renowned singer Lucky Ali as part of their Pre-Series A funding round.
Actor-turned-entrepreneur Suniel Shetty has been consistently making waves in the news with his investments in startups like Klassroom, WAAYU, and Aquatein.
Dunzo, a hyperlocal quick commerce player backed by Google and Reliance Retail, has made the decision to defer up to 50 percent of salaries for some employees, according to sources. The company has specifically deferred half of the June salary for employees at the manager level and above, citing cash-flow issues as the reason behind this measure.
Sources indicate that employees earning INR 75,000 and above at Dunzo have received only a partial payment of their salaries. The remaining amount is expected to be credited to their accounts before July 25.
“Whoever gets paid 75k+ and above has received nearly 50 per cent of the salary for this month, and the rest will be paid before 25th of this month,” said a source who spoke on condition of anonymity.
In April, Dunzo, a company headquartered in Bengaluru, successfully concluded a financing round, raising $75 million through convertible notes. This came after a significant equity funding round in January 2022, where the company secured $240 million in funding. Reliance Retail took the lead in this investment round. As of now, Reliance Retail holds a 25.8% stake in Dunzo, while Google possesses approximately a 20% stake. In total, Dunzo has accumulated $457.6 million across 19 rounds of funding.
Dunzo’s recent advancements occur amidst the backdrop of a previous workforce reduction in April, during which over 30 percent or more than 300 employees were laid off.
Dunzo declined to provide any comments regarding the ongoing developments. Notably, this marks the second instance of workforce rationalization at Dunzo in the current year. Earlier in January, the company had implemented a cost-cutting measure by laying off approximately 3 percent of its employees.
Dunzo is undergoing a restructuring of its business model and is set to close approximately 50 percent of its dark stores, according to reports. In an effort to adapt to changing market conditions, the company plans to forge delivery partnerships with supermarkets and various other merchants.
In late December 2022, the company also made the decision to shut down approximately 20-30 percent of its dark stores in Delhi-NCR and Hyderabad. Quick grocery delivery, also known as quick commerce, refers to the speedy home delivery of groceries typically within 10-30 minutes.
These bottles are crafted from 100% recycled plastic and manufactured with the support of Varun Beverages, the bottling partner.
PepsiCo India, a prominent multinational company specializing in consumer packaged goods, has further strengthened its dedication to sustainability and the promotion of plastic circularity. In line with this commitment, PepsiCo India has introduced 100% rPET (recycled plastic) bottles* in the carbonated beverage category, starting with Pepsi Black. This initiative reflects PepsiCo India’s overarching goal of fostering a positive value chain and advancing a circular and inclusive economy, where packaging never contributes to waste.
George Kovoor, Senior Vice President, Beverages and Sustainability, PepsiCo India said, “We are encouraged by the measures taken by the Government to promote a circular economy in India. We are proud to launch the 100% rPET bottles of Pepsi Black. This an important milestone in our sustainability journey, backed by our intent to create a positive value chain and this launch is yet another step in that direction. We shall learn and evolve as we continue our endeavors to build a robust ecosystem while expanding the use of recycled content in our packaging.”
The rPET bottles for Pepsi Black, excluding the label and cap, are produced in India through a collaboration between PepsiCo and Srichakra Polyplast (India) Private Limited. These bottles are crafted from 100% recycled plastic and manufactured with the support of Varun Beverages, the bottling partner.
In line with its ‘Winning with pep+’ approach, PepsiCo acknowledges the significance of implementing holistic measures to minimize, recycle, and reimagine its packaging. Committed to the cause, PepsiCo India strives to create inventive solutions, diminish its carbon footprint, and adopt sustainable practices such as reuse and refill. These endeavors not only inspire consumers but also align with the company’s long-standing commitments to environmental protection.
This exciting offer will be available at Hangover outlets located in Indiranagar, HSR, Koramangala, and Bel Road.
Hangover, the ultimate party spot in Bengaluru, is bringing an electrifying experience to its guests with the Hangover Joy Ride, a thrilling adventure inspired by roller coasters. Created by VRO Hospitality, this exhilarating ride guarantees an unmatched thrill that will leave partygoers buzzing with excitement. For a limited time, party lovers can immerse themselves in the Hangover Joy Ride, where they can relish unlimited starters and drinks for a delightful 90 minutes. With three enticing options to choose from, guests can customize their experience to suit their preferences. The campaign launches on July 10 and will run until August 14, 2023.
The Joy Ride experience will commence with the first order and the last order will be accepted 20 minutes before closing time. To ensure an enjoyable experience, one drink will be served at a time, maintaining a high level of service. It’s important to note that this offer cannot be combined with any other in-house promotions or discounts. Additionally, the entire group must avail of this offer together; individual participants within a group cannot avail the offer separately. Prices for the Joy Ride experience start at INR 1750. This exciting offer will be available at Hangover outlets located in Indiranagar, HSR, Koramangala, and Bel Road.
Hangover began as a napkin idea, crafted to provide the people of Bengaluru with a comprehensive and affordable sit-down drinking experience. The VRO Hospitality team treated this as their priced project, pouring heaps of enthusiasm and undeterred spirit into the development of the brand.
Their goal was to create the best bar Bangalore had ever seen, and they spared no effort in bringing this vision to life. Hangover quickly became the talk of the town, even before its launch, and the anticipation only grew as its launch date approached.
Initially located in Indiranagar and later expanded to HSR and Koramangala, Hangover became a hot spot for those seeking a good time and delicious food. The unique lip-smacking cocktail buckets and warm hospitality made it a favourite among locals and helped it establish itself as a friendly neighborhood bar.
Through it all, Hangover has remained committed to providing its patrons with an exceptional experience every time they visit. Whether you’re a regular or a newcomer, you’ll always find a warm welcome and a great time at Hangover!
Zomato took to Twitter to share the joy, posting an image of two beautifully decorated cakes.
Zomato, the popular food delivery app, recently reached its 15th anniversary milestone. To commemorate this special occasion, Zomato took to Twitter to share the joy, posting an image of two beautifully decorated cakes. One cake displayed the message “Happy Birthday Zomaito,” while the other featured “Zomaato” written on it. However, it was Swiggy, Zomato’s rival app, whose heartwarming wish for Zomato stole the spotlight and captivated the online community.
Zomato in the caption wrote, “It’s been 15 years of trying our best, failing a few times, learning to always get back up, and earning your love. thank you.”
it's been 15 years of trying our best, failing a few times, learning to always get back up, and earning your love. thank you ❤️ pic.twitter.com/yBAmK7AcV2
Social media users celebrated the food delivery app’s milestone of 15 years in the industry by sending their well wishes. Swiggy, in particular, expressed their congratulations to Zomato by sending a cake to the Zomato Corporate Office. The cake came with special instructions that read, “Happy birthday Zomaito and Zomaato”.
“Happy birthday, sending something for you!” the caption read.
Internet absolutely loved Swiggy’s sweet gesture. A user wrote, “Ek aisa competitor toh har company deserve karti hai (Every company deserves such a competitor).”
Another user wrote, “Waaah, kitni achhi mutual understanding hai (Such a nice mutual understanding).”
The third user wrote, “It looks like Mark Zuckerberg and Elon musk wishing each other on Snapchat.”
The liquor bottle buyback scheme, endorsed by the Madras High Court and implemented in Tasmac retail shops, has gained immense popularity in Tamil Nadu. Designed to safeguard the environment, this initiative has achieved remarkable success, with approximately 95% of bottles being returned in the three pilot districts where it was introduced.
According to the court, the regions of Perambalur, Dindigul, and Dharmapuri, including their hill areas, have achieved an impressive bottle return rate of 99%, as reported by Tasmac.
In an affidavit, S Visakan, the Managing Director of Tasmac, stated that the sale of empty bottles has resulted in a surplus revenue of 1.35 crore. This additional income will be utilized to lease storage spaces specifically for storing the empty bottles.
Tasmac has revealed that there is a proposal underway to introduce alternative packaging for liquor bottles, aiming to move away from traditional glass bottles. However, the implementation of this scheme across all liquor shops in the state is estimated to require a minimum of 24 months.
“The scheme will be implemented in 10 Tasmac districts in 12 months, in another 10 districts in 18 months and in the remaining 14 Tasmac districts in 24 months,” it said.
In a statement made by a distinguished panel comprising Justice N Sathish Kumar and Justice D Bharatha Chakravarthy, it was emphasized that the proposed scheme must be enforced across all retail establishments within a span of 15 months. The panel underscored the importance of recording the submissions pertaining to this matter.
Tasmac reports that there are a total of 4,829 retail liquor shops spread across the state. However, the buy-back scheme has not yet been implemented in 4,397 of these shops.
According to the authorities, out of the total 4,397 shops, only 471 have enough storage capacity for the empty bottles. The remaining 3,926 shops require additional space to store the bottles. In order to fully implement the scheme, several steps need to be taken. First, a tender must be initiated to dispose of the collected empty bottles. Second, training needs to be provided to 24,000 staff members in a phased manner on a rotational basis. Lastly, additional spaces need to be identified for all the shops, which is expected to take at least one year.
India is known for its rich culinary traditions and diverse cuisine, where tomatoes play a crucial role as a staple ingredient in many dishes. However, a recent tomato crisis has hit the country, leading to skyrocketing prices and scarcity in the market. This crisis has left many people searching for alternatives to tomatoes to continue enjoying their favorite recipes. In this article, we will explore some incredible tomato substitutes that can be used in Indian cuisine, providing both flavor and nutritional value. These substitutes will surely blow your mind and help you overcome the tomato crisis!
1. Red Bell Peppers:
Red bell peppers are an excellent substitute for tomatoes due to their vibrant color, slightly sweet flavor, and crunchy texture. They can be used in curries, salads, soups, and even in chutneys. Roasting the bell peppers enhances their natural sweetness, making them a fantastic replacement for the tanginess of tomatoes. Additionally, red bell peppers are packed with vitamins A and C, making them a nutritious alternative.
2. Raw Mango:
Raw mango, commonly known as “kaccha aam” in Hindi, is another remarkable substitute for tomatoes. With its tangy and sour taste, raw mango adds a refreshing flavor to dishes. It can be used in dal, chutneys, pickles, and even as a base for curries. The natural acidity of raw mango mimics the tartness of tomatoes, making it a suitable replacement. Moreover, raw mango is an excellent source of vitamin C and other essential nutrients.
3. Tamarind:
Tamarind, known as “imli” in Hindi, is widely used in Indian cuisine for its unique tangy flavor. It is commonly used as a souring agent in curries, chutneys, and rasams. Tamarind pulp can be used to add acidity to dishes, replacing the tartness of tomatoes. Its distinctive taste enhances the overall flavor profile of various recipes. Additionally, tamarind contains antioxidants and has several health benefits, including aiding digestion.
4. Kokum:
Kokum, a tropical fruit native to India, is a lesser-known but fantastic tomato substitute. It is predominantly used in coastal cuisines and imparts a tangy and slightly sweet taste. Kokum can be used in curries, drinks, and even desserts. Its natural sourness makes it an excellent replacement for tomatoes. Furthermore, kokum is known for its cooling properties and is believed to have medicinal benefits, including improving digestion and reducing acidity.
5. Vinegar:
Vinegar, particularly apple cider vinegar or white vinegar, can be used as a tomato substitute in certain dishes. It provides acidity and tanginess, similar to tomatoes. However, it is essential to use vinegar sparingly and adjust the quantity based on the desired flavor. Vinegar can be used in salad dressings, marinades, and some curries. While it may not provide the same depth of flavor as tomatoes, it can be a viable alternative in certain recipes.
6. Canned Tomatoes:
Although the tomato crisis has caused a scarcity of fresh tomatoes, canned tomatoes are still available in the market. Canned tomatoes can be a suitable substitute, especially in dishes that require cooked or blended tomatoes, such as pasta sauces, stews, and soups. While the taste may differ slightly from fresh tomatoes, canned tomatoes can provide the desired texture and flavor in many recipes. Ensure you choose high-quality canned tomatoes without any added preservatives.
Final Thoughts:
The tomato crisis in India has led to a scarcity of this essential ingredient, forcing people to search for suitable substitutes. Thankfully, there are several incredible alternatives that can be used in Indian cuisine, ensuring that the flavors and nutritional value of dishes are not compromised. Red bell peppers, raw mango, tamarind, kokum, vinegar, and canned tomatoes are among the best tomato substitutes available. These alternatives provide a range of flavors, from tangy and sour to slightly sweet, while maintaining the essence of Indian cuisine. Experimenting with these substitutes will not only help overcome the tomato crisis but also introduce exciting new flavors to your favorite recipes. So, embrace the tomato crisis as an opportunity to explore the versatility of these incredible tomato substitutes that will undoubtedly blow your mind!
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