Shrimp farms in the Srikakulam district of Andhra Pradesh are using modern methods to produce approximately 40,000 tonnes of shrimp annually for exports, fetching them around INR 10,000 crore, according to the Ministry of Fisheries, Animal Husbandry, and Dairying.
All the farms are situated in close proximity to the Srikakulam Sea coast, maintaining high bio-secured conditions. The district plays a significant role in India’s shrimp exports to other nations.
The 1,000-acre farms have engaged nearly 600 farmers and approximately 5,000 workers directly.
Secretary in the Department of Fisheries, Abhilaksh Likhi, visited Kalinga Pattinam in Srikakulam district and interacted with the shrimp farmers in order to understand the grassroot level problems faced by the saline water shrimp farmers, the ministry said on Monday.
Shrimp farmers employ a four-step farming approach with bio-floc technology to cultivate larger, high-quality shrimp, each averaging a weight of 20 grams.
This innovative and advanced cultivation system incorporates fully lined ponds within highly bio-secured environments. It integrates sophisticated technologies such as automatic feeders, central drainage/sludge removal, and Internet of Things (IoT)-based monitoring of water parameters. These features aim to effectively manage high-density intensive farming systems, enhancing productivity within a reduced cultivation area and accommodating higher stocking densities.
Srikakulam is one of the top shrimp producing districts in India. It has been able to consistently maintain the best shrimp quality as the entire culture zone has been developed in the elevated area as compared to other areas.
BlissClub, a direct-to-consumer (D2C)activewear brand focused on women, reported a more than four-fold surge in its operating revenue, reaching INR 68 crore for the financial year ending on March 31, 2023, even as losses mounted.
The Bengaluru-based startup, as per its regulatory filing, recorded losses of INR 36 crore, marking a four-fold increase compared to the same period last year. In the fiscal year 2022, the company achieved INR 15 crore in operating revenue while incurring a loss of INR 9 crore.
BlissClub, initially focused on online sales of its activewear products, has expanded its operations by venturing into offline stores as it contends with fast fashion brands.
In May 2022, BlissClub secured $15 million in a funding round led by Eight Roads Ventures and Elevation Capital. Notable participation in the round came from angel investors such as Sriharsha Majety, Chief Executive of Swiggy, Ghazal Alagh, Co-founder of Mamaearth, Vivek Gupta and Abhay Hanjura, Co-founders of Licious, and Amar Nagaram, former Chief Executive of Myntra, among others.
Despite the challenging funding environment, Indian direct-to-consumer (D2C) companies have managed to occasionally secure funds this year. For instance, Freakins, a D2C apparel firm specializing in denim, secured $4 million in a funding round led by Matrix Partners India and Blume Ventures. Beyond apparel, D2C enterprises like Pilgrim, a maker of beauty and personal care products, raised $20 million in a funding round led by Vertex Ventures Southeast Asia and India.
Meanwhile, Honasa Consumer Ltd, the umbrella company for the personal care brand MamaEarth, made its stock market debut on October 31. The company announced a 93% increase in net profit, amounting to INR 29.4 crore, for the quarter ending September 2023, with operating revenue reaching INR 496 crore.
Zomato has unveiled its food-ordering trends for 2023, with the customary favourites, biryani and pizza, maintaining their dominance on the charts. Over 10.09 crore biryani orders were placed through the platform, while pizza closely followed with over 7.45 crore orders.
In 2023, the biryani orders for the year could fill eight Qutub Minars in Delhi, while the pizzas could cover an area greater than five Eden Garden cricket stadiums in Kolkata, as per Zomato’s statement.
Noodle bowls secured the third position with over 4.55 crore. According to the delivery giant, this quantity of noodles would be sufficient to cover the Earth 22 times.
Bengaluru, bestowed with the title of the cake capital by Swiggy, recorded the highest number of breakfast orders on Zomato in 2023. In contrast, users in Delhi exhibited a different pattern, opting for a greater number of late-night orders.
A substantial surge in 2023 for raw materials vulnerable to El Niño is expected to impact consumers’ finances in the upcoming months, as indicated by a specialist in the food and agribusiness banking sector.
Soft commodities have experienced substantial gains so far this year.
Futures contracts for orange juice, cocoa, coffee, and sugar have significantly risen, partly due to extreme weather and supply concerns associated with El Niño.
“You can say El Niño has a sweet tooth because it sort of eats or takes away much of the sugar in the world,” stated Carlos Mera, the head of agricultural commodities market research at Rabobank, based in the Netherlands.
“Sugar prices have probably already been passed on [to consumers] but certainly for chocolate we should expect a big increase at retail level — and El Niño is certainly something to watch.”
The El Niño phenomenon, making a comeback earlier this year, is a naturally recurring climate pattern triggered by a 0.5-degree Celsius rise in sea temperatures in the eastern Pacific above the long-term average. This can lead to an increased occurrence of storms and droughts.
The influence of El Niño usually reaches its zenith in December, but its effects typically take time to disseminate globally. This delayed impact is the reason forecasters anticipate that 2024 might mark the initial year when humanity surpasses a critical warming threshold.
Dry conditions linked to El Niño in a significant portion of Southeast Asia, India, Australia, and certain areas of Africa have contributed to a price surge in soft commodities like sugar, coffee, and cocoa this year, according to Rabobank’s annual outlook for 2024.
The Dutch bank anticipates a substantial decrease in global food price inflation, following years of escalating prices.
The bank also cautioned about potential adverse impacts on several crops due to El Niño in the early months of next year. However, it acknowledged the possibility of certain crops benefiting, particularly those in the United States, southern Brazil, and Argentina.
Orange juice futures experienced a remarkable 80% climb in 2023, reaching an all-time high in late November. This surge was prompted by the significant impact of hurricanes and disease on citrus crops in Florida.
“Occasionally, these markets exceed our wildest expectations. Did anyone predict $4.00 orange juice? The profit potential from this trade is staggering,” trader Dave Reiter of Reiter Capital Investments LLC said on Oct. 30 via X, formerly known as Twitter.
Reiter has since warned that the eventual crash in the price of orange juice “will be one for the record books.”
The price of cocoa, a vital ingredient for chocolate, soared by 64% this year, reaching 46-year highs as West African supplies were significantly affected by heavy rains and issues such as fungal disease.
On December 15, the robusta coffee variety reached its highest level in 15 years, while sugar prices have seen a 13% increase in 2023, despite scaling back gains after reaching a 12-year peak in September.
Mera from Rabobank highlighted a “distinct” correlation between El Niño and elevated sugar prices. This is attributed to the weather pattern creating drier-than-normal conditions in key sugar-exporting nations like Thailand, India, and Australia.
Regarding cocoa, Mera suggested that the influence of El Niño is expected to be “considerably less pronounced.” Additionally, he noted that the dynamics of the cocoa market imply that higher chocolate prices are unlikely to promptly diminish demand or stimulate increased production.
“The cocoa industry is characterized by a lot of forward selling in part because of how cocoa is traded [in the Ivory Coast and Ghana],” Mera said, referring to the world’s two largest cocoa producers.
“For example, they tend to sell the crop a year in advance. That means that the chocolate that you buy in the supermarket has probably been bought at a much lower price a year ago,” he added.
“I’m surprised that cocoa is so much higher and that is not felt by the consumers just yet,” Mera said. “It will be — that cost will be passed to consumers at some point in 2024.”
Apollo Global Management, a US-based private equity company, has successfully completed the acquisition of UK-based restaurant operator The Restaurant Group (TRG).
The acquisition was carried out by Rock Bidco, a special-purpose vehicle owned by funds managed by affiliates of Apollo Global Management.
The agreement took effect following the Court of Session in Edinburgh approving a scheme of arrangement.
According to Alliance News, TRG is valued at £701 million ($889.7 million).
Shareholders of TRG will be granted 65 pence per scheme share in cash.
In a regulatory announcement, TRG said, “TRG is pleased to announce that, following delivery of a copy of the court order to the registrar of companies, the scheme has today become effective in accordance with its terms and, pursuant to the scheme, the entire issued and to be issued share capital of TRG is now owned by Bidco.”
Following the deal’s completion, all TRG shares have been suspended from trading in London since December 21, 2023.
Full cancellation took effect starting December 22, 2023.
TRG’s operations and strategy will undergo significant changes as a result of the latest transaction.
TRG’s board has stepped down with immediate effect, including its chair, Ken Hanna.
The positions of TRG’s Chief Executive Officer, Andy Hornby, and Chief Financial Officer, Mark Chambers, will remain unchanged.
Alex van Hoek, a private equity partner, and Eugenia Gandoy, a private equity principal from Apollo Global Management, have been appointed to TRG’s board.
Legal counsel for Apollo and Bidco in the deal was provided by Kirkland & Ellis International, whereas TRG received advice from Slaughter and May.
The most recent announcement follows nearly a month after TRG obtained approval from its shareholders for a potential acquisition by Apollo Global Management.
Sphera Franchise Group, a prominent fast-food chain operator, has announced the launch of a new KFC restaurant in the southeastern city of Buzau, Romania.
According to SeeNews, the new outlet has received a €1.5 million ($1.65 million) investment from the company.
The eatery, equipped with a drive-thru option, operates 24 hours a day.
With a staff of 45, it has 90 indoor and outdoor seats.
The opening of this KFC drive-thru represents the 27th unit launched by the company in Romania and completes its expansion plans for 2023.
Sphera Franchise Group, with a workforce of 5,000 employees, manages over 170 restaurants, encompassing KFC, Pizza Hut, and Taco Bell establishments in Romania, Italy, and Moldova.
In November 2022, KFC announced the opening of its 1,000th store in the central and eastern European region.
The milestone restaurant was opened in Bucharest, Romania, featuring modern kiosks, digitized drive-throughs, updated e-commerce platforms, and data-informed artificial intelligence.
As part of its global expansion strategy, KFC aims to open 100 stores each year.
In September 2023, Sphera Franchise Group inaugurated a KFC at Carolina Mall in Alba Iulia, Romania – the 101st in the country – as part of a pledge to invest €500,000 ($543,250).
In December 2023, the KFC division signed an agreement to buy 218 restaurants from EG Group, the largest KFC franchise in the UK and Ireland.
The deal will be completed by summer 2024.
KFC, a subsidiary of Yum! Brands, operates more than 29,000 restaurants in 150 countries and territories worldwide.
Swiss food company Aryzta has started the construction of a new bakery facility in Perth, Western Australia.
The projected cost for the entire project is estimated to be around €40 million.
The upcoming facility in Perth is expected to generate 80 direct jobs and over 500 indirect positions in the area. It will cater to quick-service restaurants, food service, and retail customers.
As per Aryzta, this advancement is poised to notably bolster the company’s ESG (Environmental, Social, and Governance) credentials in Australia. The objective is to eliminate an estimated 1.7 million food miles linked to the transportation of bakery items from its current facilities in New South Wales and Victoria to customers in Western Australia.
The anticipated investment is projected to decrease the business’s local carbon footprint by over 700 tons of CO2 annually. Additionally, the utilization of locally sourced raw materials for bakery essentials like flour, dairy, and sugar will not only reduce food miles but also contribute to enhanced sustainability. Furthermore, the forthcoming facility will predominantly rely on a local renewable microgrid, drawing energy from a solar and battery storage system.
Aryzta’s chair and interim CEO, Urs Jordi, said, “Australia is an attractive growth market for bakery products and this expansion in Perth will allow Aryzta to produce fresh and frozen products as opposed to shipping frozen only over long distances from our plants in eastern Australia. The project has very strong sustainability credentials and will generate additional direct and indirect employment. It will reduce food miles and use renewable energy.”
“The €40m investment capex will be funded within our 3.5-4% revenue guidance in our midterm plan to ensure we continue to generate cash and reduce total debt below 3x by 2025. Business performance remains in line with expectations and on track to reiterate our confidence in delivery of our growth and financial targets.”
The facility is scheduled to be completed in two years once construction starts.
Four out of five Canadians anticipate a further rise in food prices in 2024, as indicated by Dalhousie University’s New Year’s Food Resolution survey.
Consequently, most surveyed shoppers express intentions to modify their food purchasing habits. For instance, 19% of residents in Saskatchewan surveyed stated their intention to reduce expenditure on fresh produce as a means of saving money.
“People are willing to make an extra effort in order to save at the grocery store,” said Sylvain Charelbios, director of the Agri-Food Analytics Lab at Dalhousie. “A lot of people are suffocating because of shelter costs essentially, so they have a lot less money to spend on food.”
Razia Ocampo, a resident of Regina who goes by the ‘YQR Couponbae’ on social media, provides guidance on savvy shopping and offers tips for those aiming to reduce their expenses.
“Don’t hesitate to engage in price matching. Everyone is striving to save money,” she advised. “I aim to educate people on the art of price matching, starting by examining weekly deals and highlighting what’s on sale. If there’s a relevant coupon you possess—whether you discovered it or can print it—I endeavour to align those deals for maximum savings.”
According to the Dalhousie survey, reducing food waste can also positively contribute to effective food management.
Minimizing waste can have a positive impact on managing the food budget, Charlebois said. “You can repurpose food, eat leftovers more often, you can actually be a little more careful with how you manage your food at home.”
Pet food firm Blue Ridge Beef is issuing a recall for numerous batch numbers of its kitten and puppy food, as per the Food and Drug Administration (FDA). The advisory states that the items have been compromised with salmonella and listeria.
The items included in the recall roster are Kitten Grind (UPC 8 54298 00101 6), Kitten Mix (UPC 8 54298 00143 6), and Puppy Mix (8 54298 00169 6).
The relevant packages are all 2 pounds in weight and crafted from transparent plastic. They were distributed from November 14 to December 20, and the lots bear use-by dates ranging between N24 1114 and N24 1224.
The goods were primarily distributed in Connecticut, Massachusetts, Maryland, North Carolina, New York, Pennsylvania, and Virginia.
Following the initial recall announcement last week, Blue Ridge Beef has released an updated list, broadening the range of products subject to recall. The company stated that the use-by dates can be located on a silver tab at the end of the tubes.
The company cautioned that individuals handling the pet food are at risk, particularly if they have not diligently washed their hands after coming into contact with the products or any surfaces exposed to these items.
The announcement advised that individuals who are healthy but infected with salmonella should watch for symptoms such as nausea, vomiting, diarrhea or bloody diarrhea, abdominal cramping, and fever. In some cases, more severe ailments may occur.
Pets afflicted with salmonella and listeria infections can also transmit these to humans. Pet owners should be vigilant for symptoms, which may include lethargy, diarrhea or bloody diarrhea, fever, and vomiting, as stated in the announcement.
“Some pets will have only decreased appetite, fever, and abdominal pain,” the announcement read.
The company assures a complete refund for those who have bought the tainted products. They urge these customers to dispose of the food entirely and get in touch with the company.
Levine Leichtman Capital Partners, a middle market private equity company, is reportedly considering the sale of the US restaurant chain Tropical Smoothie Café.
According to reports from Reuters, the prospective transaction might be assessed at $2 billion.
Levine Leichtman has appointed the investment bank Robert W Baird & Co to initiate the potential sale.
Sources, seeking anonymity due to confidentiality concerns, indicate that the sale is set to initiate as early as January 2024.
The potential valuation of Tropical Smoothie Café could reach 20 times its estimated 12-month annual earnings before interest, taxes, depreciation, and amortization (EBITDA) of $100 million.
Nevertheless, no assurance of a deal can be provided at this juncture.
Founded in 1997, Tropical Smoothie Café provides a variety of chocolate, vegetable, and fruit smoothies, along with wraps, salads, sweets, healthy bowls, flatbreads, and sandwiches.
Levine Leichtman Capital Partners acquired the brand in September 2020.
At the time of the acquisition, the US-based chain had 870 cafes.
Subsequently, Tropical Smoothie Café has expanded its presence by opening additional outlets, currently overseeing 1,335 cafés across 44 states in the US, predominantly through franchise operations.
During the third quarter of the fiscal year 2023, the Atlanta, Georgia-based chain registered positive same-store sales while persisting in its franchise expansion efforts.
Tropical Smoothie Café considered an initial public offering (IPO) in 2022, but the move was not executed after the IPO market became hostile, especially for restaurant companies.
In June 2023, the DYNE Hospitality Group, a franchisee of Tropical Smoothie Café, announced the opening of a new location in Little Rock, Arkansas.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.
