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Bella Bulgaria invests $72 Million to set up meat venture in Indonesia

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Bella Bulgaria

Bella Bulgaria has initiated a $72 million investment endeavor by establishing a halal meat joint venture in Indonesia.

The Sofia-based supplier, offering meat cuts, sausages, salami, minced products, and ham, has confirmed the establishment of a “trade and investment cooperation” memorandum with Indonesia’s PT Garuda Mitra Utama.

In addition to producing pastry products, cheese, frozen vegetables, and cooking oils, Bella Bulgaria disclosed that the four-year agreement was sealed this week during the Indonesia-Europe Business Forum in Jakarta, organized under the auspices of the Ministry of Foreign Affairs of Indonesia.

Out of the entire investment sum, $38 million will be allocated for the establishment of a meat products factory in Indonesia, while the remaining $34 million will be directed toward the acquisition and provision of spices and herbs. Mitra Utama will integrate these ingredients into its own product range.

Bella Bulgaria manages a network of nine European factories situated in various markets, including its domestic market, as well as Greece, Romania, and Hungary. Among these facilities, there is a dedicated halal production plant located in Plovdiv, Bulgaria, where it manufactures rendang-padang, a well-loved spiced meat dish in Indonesia.

“By actively developing the activity of the rendang-padang factory in Plovdiv, we accumulated knowledge and experience, which we want to implement on a much larger scale in Indonesia,” Dimitar Mitev, Bella Bulgaria’s chief operating officer, said in a statement.

“The analyses of the markets and the taste preference of consumers in the southern hemisphere showed a potential for business growth in the field of meat processing in Indonesia and niches for new players in the market.”

Bella Bulgaria has enrolled in the “Indonesia: Spice Up the World” initiative initiated by President Joko Widodo, aimed at promoting Indonesian products on the global stage, stimulating the local economy, and fostering job opportunities.

Hendro Santoso, the CEO of Mitra Utama, said, “This is our first work project for cooperation with a European company and we have the opportunity to produce products based on traditional recipes with spices and herbs that are part of Indonesia’s cultural heritage.”

Speaking with the Indonesia Business Post, Hendro Santoso said the partnership has yet to determine the location of the joint-venture factory but it could be based in Jakarta or Bali.

“Our spices and seasonings will come from a collaboration with small and medium-sized enterprises from Sumatra to preserve the authentic flavour but the meat will come from Bulgaria. In essence, we can say it’s a collaborative effort, where it’s cooked there but under the supervision of both parties,” he told the publication.

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Affinity Petcare to invest 20% of revenues in marketing as it targets top 3 position in India’s pet food market

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Affinity Petcare
Affinity Petcare (Representative Image)

Affinity Petcare, a Spanish company specializing in pet foods and healthcare, plans to allocate 20% of its Indian revenue towards marketing and promotional efforts. Their goal in India is to establish a prominent position within the clinical nutrition sector and become one of the top three players, as explained by Jordi Garriga, the International Business Director of Affinity Petcare.

Affinity Petcare has made its foray into the Indian market through a partnership with Scientific Remedies, a manufacturer of pet foods and products. Their initial product launch in India is the well-established Affinity Advance, which is the flagship brand of Affinity Petcare. This move comes as the Indian pet care market is anticipated to reach $1,932.6 million by the year 2030.

Garriga expressed the company’s ambition to secure a position among the top three leaders in the clinical nutrition sector within the upcoming 8 to 10 years.

According to the company, Affinity Petcare, a family-owned enterprise, is set to establish a portfolio of premium therapeutic, wellness, and specialty nutrition products for pets in the Indian market.

These products will be available for purchase at veterinary clinics, pharmacies, and pet shops affiliated with veterinarians.

Rakesh Mohan, executive director, Scientific Remedies, said Affinity Petcare is the world’s sixth largest pet food brand, and pointed to the existing potential to tap the India market. “The majority of pets in Indian households consume home food. But as disposable incomes grow, adoption to specialised pet foods and pet care is bound to increase,” Mohan said.

The company has set its sights on capturing a 20 percent market share within the pet food industry by the year 2033.

“The long term potential of this category is significant. The main task is to educate consumers and make the switch to specialised pet care,” Garriga said.

According to a report from Decipher Market Research Agency, India’s pet care industry is projected to experience a compound annual growth rate of 16.5 percent. The report highlights that the most rapidly expanding segments within the Indian pet care industry include food, accessories, grooming, and healthcare, which has garnered heightened investor attention due to its growing popularity.

In another report by Venture Intelligence, it was revealed that the pet care industry attracted investments totaling $77 million between 2021 and 2022.

In addition to this, prominent players such as Drools, Nestle, Mars, Emami, and Mankind Pharma have also been making substantial investments in the category.

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Home-cooked Korean cuisine emerges as the most budget-friendly dining choice in the UK, study finds

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Korean food
Korean food (Representative Image)

A recent research project has shown that preparing Korean food at home is the most budget-friendly option, with the average cost of a single portion being £2.69 and just £10.79 to feed a family of four. This represents a cost that is less than half of what it typically takes to enjoy popular Chinese dishes like chow mein in the UK.

The results indicated that, when preparing meals at home, Japanese cuisine is the second most economical choice, coming in at around £10.79 for a family of four. Following closely is Mediterranean cuisine at £13.66, with Indian dishes at £17.57 and Chinese cuisine at the highest cost of £21.57.

This development coincides with a significant surge in dining-out expenses due to the ongoing cost of living challenges. According to a recent study by the Office for National Statistics (ONS), prices at restaurants and cafes increased by 9.1% over the year leading up to September 2023, marking a rise from 8.8% reported in June.

In light of the current scenario where the average UK household allocates approximately £23 per week, equating to £1,220 annually, to takeout meals, there is a growing call for Brits to adopt the “fakeaway” trend. By doing so, they could potentially save more than £900 each year, especially when considering that the average cost of a Chinese takeaway stands at £27.28.

Conducted by the Asian snack and beverage brand Kelly Loves, the study focused on five of the most beloved dishes from popular UK cuisines. It involved an analysis of the average cost of the ingredients required to make these dishes at home.

When it comes to affordability, making pizza from scratch proved to be the most cost-effective option, at just £1.10 per portion. Following closely are Korean green onion pajeon at £1.76, Japanese yakitori at £1.97, and, lastly, the Chinese favorite, chow mein, at £2.11.

A serving of katsu curry came in at an economical £3.64 per portion, which is approximately one-third the cost of the same dish when dining at well-known Japanese restaurants like Wagamama, where it would typically set you back £9.75.

On the opposite end of the spectrum, Chinese dim sum emerged as the priciest dish at £8.14, marking an eightfold increase in cost compared to pizza. This was followed by Chinese kung poa chicken at £6.95, the Indian classic lamb rogan josh at £6.58, and the Greek favorite moussaka at £5.70.

Kelly Choi, Founder of Kelly Loves, says, “For those looking to cut costs, popular Korean dishes such as fried chicken, pajeon, bibimbap, tteokbokki and bulgogi are the dishes to create at home if you’re looking at cost-saving options without compromising taste, flavour and variety. Most Korean dishes are simple – based on rice and vegetables, accompanied by meat or seafood, which can be budget-friendly if you compare supermarkets and visit your local food markets.

“Korean food mainly relies on spices and seasoning which give it its unique and well-known flavour. For example, sesame oil, soy sauce, salt, garlic, ginger, gochujang and kimchi are all well-known for their distinctive taste. All of these, once in the cupboard, can be reused frequently.

Korean culture places a lot of importance on sharing food. In Korea, banchan (Korean side dishes) sharing is a feature on the table at mealtimes and so meals are naturally more communal and therefore cost-effective. Every Korean dining table looks like there is a party taking place — full of variation and colour.”

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Maharashtra Govt forms committee to explore tax reduction on beer to boost sales and revenue

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beer
Beer (Representative Image)

With the goal of encouraging the consumption of healthier beverages, the Maharashtra government has established a committee to evaluate the feasibility of reducing taxes on beer. This strategic move aims to boost beer sales and generate additional revenue. The committee’s approach involves examining tax structures in other states for valuable insights.

A recently issued government report revealed a significant decline in beer sales following the most recent state excise tax hike, leading to a decrease in government revenue.

As per the government report (GR), beer was found to have a lower proportion of pure chemical spirits compared to hard liquors, and when evaluating taxes based on the pure spirits content, beer carried a higher tax burden than hard liquors like rum, whisky, vodka, and gin.

Throughout the world, especially in Europe, the United States, and Southeast Asia, the promotion of beer and wine is grounded in their natural fermentation processes, with a substantially lower pure chemical spirit content (up to 14%) in contrast to hard liquors, which typically feature 42% pure spirits.

The country’s brewing associations have drawn the government’s attention to the issue of dwindling patronage for beer, citing the higher taxes imposed on it, despite its lower pure spirit content, as reported by the GR.

The GR has additionally highlighted that various states experienced increased revenue after reducing taxes on beer. The formal recommendations will be made by the study group led by the additional chief secretary of excise after conducting its own comprehensive research.

The committee, comprising the excise commissioner, deputy secretary of excise, a representative from the All India Brewers Association, and the additional commissioner of state excise, has been tasked with delivering its report along with recommendations within the span of one month.

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Pernod Ricard India Unveils Employee Involvement in Delhi Excise Policy Controversy

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Pernod Ricard
Pernod Ricard (Representative Image)

The Indian division of Pernod Ricard has reported that its internal investigation has uncovered the involvement of specific employees in interactions with the government and key individuals associated with the discontinued excise policy in Delhi.

“The company had engaged an independent third party to carry out an internal investigation on the Delhi Excise policy issue which highlighted certain findings including involvement of certain employees in activities relating to formulation and implementation of Delhi Excise Policy 21-22 and engagement with government officials and other third parties/alleged key conspirators/specific distributors/retailers,” Pernod said in its latest annual filings with the Registrar of Companies. It added that these findings are not conclusive in nature, given the ongoing investigation and are subject to interpretations by the legal counsel.

Pernod Ricard India Reveals Employee Role in Delhi Excise Controversy!

The French alcoholic beverage company’s license in Delhi was not extended, as investigating authorities implicated the company in a suspected corruption and cartelization case associated with the excise policy. In a related development, the Central Bureau of Investigation arrested former Delhi deputy chief minister Manish Sisodia in February for his alleged involvement in the same excise-related case.

“We are currently assessing the conclusions of the third party. Furthermore, as the matter is sub-judice, we are unable to comment on the allegations made by the ED and on the findings resulting from the internal investigation. In line with its local and international standards, Pernod Ricard India has been very solicitous about its legal and ethical obligations, including fully co-operating with government agencies in the investigation of the Delhi Excise Matter, ” said a Pernod Ricard India spokesperson.

Pernod Ricard News
Pernod Ricard (Representative Image)

In November 2021, the Delhi government opted to withdraw from the liquor retailing sector, entrusting it to private companies. Nevertheless, in the preceding year, it returned to the previous policy. Investigative agencies have alleged that this policy facilitated the clandestine creation of cartels and allowed for substantial wholesale profit margins of 12% and retail margins as high as 185%.

Related news: Relationship-Centric Marketing: Keys to Sustaining Long-Term Consumer Loyalty

The Enforcement Directorate (ED) has made allegations against Pernod Ricard, the owner of Blenders Pride and Royal Stag brands, asserting their involvement in retail cartelization, money laundering, false price declarations, and obtaining international approval for corporate guarantees to aid suppliers, thereby creating circumstances that would confer a strategic advantage in 20 out of the 32 proposed zones in Delhi.

“Based on legal counsel’s review of the complaint, the company’s exposure in terms of civil liability under PMLA could be equivalent to ‘5,637 million as quantified in the ED’s complaint, though the final outcome cannot be determined with any degree of certainty at this stage,” Pernod added.

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Flipkart India’s B2B Arm Sees FY23 Loss Surge to INR 4,846 Cr Despite Revenue Rise!

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Flipkart India
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Flipkart India, the B2B arm of Walmart-owned Indian e-commerce giant Flipkart, witnessed a substantial upsurge in its standalone net loss during the financial year 2022-23 (FY23). The net loss ballooned by over 42% to INR 4,845.7 Cr, compared to INR 3,404.3 Cr in the previous fiscal year, primarily due to stagnant income and escalating expenses.

The B2B division of the company, responsible for supplying products to online sellers who then list them on Flipkart’s online marketplace, Flipkart Internet, experienced a modest 9.7% growth in operating revenue, reaching INR 55,923.9 Cr.

During FY22, Flipkart India recorded an operating revenue of INR 50,992.5 Cr, marking a year-on-year (YoY) growth of 18.7%.

Walmart’s E-commerce Titan, Flipkart India!

The majority of its revenue is generated through the sale of traded goods, supplemented by earnings from transaction fees paid by vendors and the provision of logistics services.

During the year under review, it generated INR 55,310 Cr in revenue from product sales and INR 513.9 Cr from service sales.

Taking into account interest income and other non-operating sources, Flipkart India’s total revenue in FY23 reached INR 56,012.8 Cr, a notable increase from the INR 51,175.7 Cr recorded in the previous year.

amazon flipkart
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With a 11.5% increase, Flipkart India’s expenses outpaced the growth in its top line. The company’s total expenditure in FY23 reached INR 60,858.5 Cr, compared to INR 54,580 Cr in the previous fiscal year.

The largest expenditure for the company was on the purchase of stock-in-trade, which surged by 1.1 times year-on-year (YoY) to INR 59,816.6 Cr during the year under review.

Additionally, employee benefit expenses experienced a slight uptick, rising to INR 639.2 Cr in FY23 from INR 627.4 Cr in the previous year.

In FY23, the company allocated INR 279.6 Cr toward employee share-based payments, a notable increase from the INR 264.5 Cr spent in FY22.

In the meantime, the inventories of finished goods, work-in-progress, and stock-in-trade decreased during the period.

Flipkart India Private Limited!

In FY23, Flipkart India maintained its receipt of capital from Flipkart Private Limited. Interestingly, despite the increased losses, Flipkart India’s cash and cash equivalents at the close of FY23 surged to INR 599.9 Cr, a significant rise from the INR 3.9 Cr recorded just one year prior.

During FY22, Flipkart’s e-commerce platform, Flipkart Internet, witnessed a significant year-on-year (YoY) increase in its net loss, surging by 1.5 times to INR 4,361 Cr.

At the same time, Walmart continued to increase its ownership in Flipkart. Over the six months ending on July 31, 2023, the US-based retail giant invested $3.5 billion to purchase Flipkart shares from non-controlling stakeholders.

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Stellar Snacks Expands with $137M Investment, 350 Jobs in Kentucky!

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Stellar Snacks
Stellar Snacks (Representative Image)

US-based pretzel snack maker Stellar Snacks is set to invest $137 million in a new factory in West Louisville, Kentucky.

This investment is anticipated to create 350 new jobs at the newly established facility over the coming decade.

In a statement, Kentucky Governor Andy Beshear remarked that the company’s project represents the most substantial investment and job-creation initiative in the local community in recent decades.

Stellar Snacks providing 350 Jobs in Kentucky

This facility will mark the company’s most recent and largest industrial pretzel bakery in Louisville, with construction taking place as an extension to an existing 434,000-square-foot building located at 1391 Dixie Highway.

The construction of the new factory is scheduled to commence in March 2024, and operations are slated to commence the following September.

The positions at the site will encompass roles such as master pretzel-makers and apprentices, in addition to production team members, engineering and maintenance managers, mechanics, technicians, receptionists, and human resources assistants.

Stellar Snacks expects to open the facility with approximately 100 employees, the firm’s co-founder Elisabeth Galvin told Courier Journal.

late night snacks

Company executives are also expected to partner with local community colleges and trade schools to offer work experience and jobs to students studying industrial, electrical and robotic engineering.

A hiring process will start once building work starts in March 2024.

The company must secure approval for state incentives from the Kentucky Economic Development Finance Authority before construction can begin.

Such incentives could include funding for building rail access to the factory and “per-job grants with added benefits” for employees based in any of the nine West Louisville neighbourhoods.

“I am thrilled to celebrate Stellar Snacks’ decision to locate in west Louisville. This is a major announcement for the community, adding more than 300 quality jobs with a $137m investment in one of our most underserved areas,” Louisville’s Mayor Craig Greenberg said in a statement.

“Stellar Snacks is a company that shares our values of innovation, sustainability and diversity, and we are honored to welcome them to our city.”

Check more great stories: Flipkart India’s B2B Arm Sees FY23 Loss Surge to INR 4,846 Cr Despite Revenue Rise!

Founded in 2019 by mother and daughter Elisabeth and Gina Galvin, Stellar Snacks is the first woman-owned pretzel producer in the US, according to the company.

It has two plants in northern Nevada with 170 employees. Its headquarters are in Carson City, Nevada.

Stellar’s pretzel braids are sold in more than 5,000 grocery and retail stores in the US, as well as online. It also supplies products to Alaska Airlines, JetBlue and American Airlines for their in-flight snack service.

The Verdict:

The snacks come in four “gourmet flavours”, but the group has indicated that upcoming product innovation will help it expand its selection early next year.

“We are thrilled to share that our business has seen astronomical growth after launching our brand in 2021, thanks to our people, passion and exquisite product. Since then, we have been on a mission to expand production coast to coast,” said Elisabeth Galvin.

“We are proud to announce that we have selected Louisville as our home in the Midwest. The outcome will be an important success story for our team and the people of the great state of Kentucky.”

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Japanese plant-based meat company Daiz raises $47 Million in funding

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Daiz
Daiz (Representative Image)

Daiz, a plant-based meat company headquartered in Japan, has successfully garnered Y7.1 billion ($47.44 million) in its latest funding round.

According to an official statement, the company headquartered in Kumamoto City plans to invest in a significant plant-based meat raw material facility, set to commence operations in February 2025.

The upcoming 40,000-square-meter facility is slated to produce 20,000 tonnes of the company’s plant-based Miracle Meat annually, resulting in the creation of approximately 40 new job opportunities.

Daiz Secures $47M in Funding:

Daiz added that it will “aim to realise further business growth by accelerating growth in the domestic and overseas market”.

With this latest funding round, Daiz has now accumulated over Y13.1 billion in funding, marking it as the largest capital infusion in the history of the Japanese food-tech industry. Daiz previously concluded its Series A funding round in 2020.

Tatsuya Koitabashi, director and CFO of Daiz, said, “While the current funding environment for start-ups is reported to be weak, we received investment from 11 companies, including existing shareholders, for a total of Y3.78bn, an increase in valuation from the previous round.

“In addition to the capital increase, we have also provided debt financing totalling Y3.4bn from nine financial institutions. New industries are born from the margins of regulation, and by using the financing systems of the Ministry of Economy, Trade and Industry and the Ministry of Agriculture, Forestry and Fisheries, we will be able to procure long-term corporate loans at a low cost, which is unusual for start-ups. I think we have succeeded.

Additional Stories: Stellar Snacks Expands with $137M Investment, 350 Jobs in Kentucky

“In order to meet the expectations of everyone who supported us, we will use the funds raised this time to invest in growth, including the construction of a new factory for next-generation plant meat raw material Miracle Meat. We will aim for growth.”

Miracle Meat, crafted from whole soybeans, serves as a versatile ingredient for crafting an array of meat alternatives, such as burgers, chicken, and tuna.

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Nestlé to close infant formula plant in Ireland, endangering 540 jobs

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Nestle
Nestle

Nestlé intends to close its Wyeth Nutrition infant formula plant along with its adjacent research and development center in Askeaton, County Limerick, Ireland, potentially jeopardizing the employment of 542 individuals.

In a statement, the food giant said that it would be ceasing operations at Wyeth Nutrition infant formula factory by Q1 2026, and the R&D centre by Q1 2025. Nestlé said, “Regrettably, today’s announcement means approximately 542 colleagues will be placed at risk of redundancy”.

Nestlé obtained Wyeth Nutritionals through its purchase of Pfizer Nutrition in 2012.

The plant manufactures infant formula products solely for shipment to the Greater China and various Asian markets. At present, the factory employs 491 personnel, and the research and development site has a staff of 51.

Nestlé stated that “external trends” have impacted the demand for infant nutrition products in Greater China.

The company highlighted, “The number of newborn babies in China has declined sharply from some 18 million per year in 2016 to fewer than 9 million projected in 2023. The market, which had previously been reliant on imported infant formula products, is also seeing rapid growth in locally produced products.”

Nestle
Nestlé (Representative Image)

To adapt to those changes, Company is proposing the transfer of production from Askeaton to two existing factories: Suzhou in Mainland China and Konolfingen in Switzerland.

Headquarters:

“Konolfingen is also home to Wyeth and Nestlé Nutrition’s global R&D centre of excellence for infant and maternal products,” said Nestlé. “It is proposed that R&D work at Askeaton would be absorbed into Konolfingen, where 365 colleagues work on research and product development across several disciplines, and a satellite R&D centre in Shanghai would be strengthened.

“These proposals have been carefully considered and are no reflection on the excellent contribution made by our employees in Askeaton over many years.”

Check more interesting stories: Japanese plant-based meat company Daiz raises $47 Million in funding

Nestlé has been unsuccessful in locating a potential buyer. Consequently, the company will initiate a comprehensive consultation process with its employees concerning the proposed closure. At the same time, throughout this consultation, They will entertain any credible inquiries from potential buyers.

Nestlé said, “We regret the uncertainty this announcement will cause our colleagues and their families, and we will make sure they are supported fully throughout this process”.

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Dyma Brands to launch cocktail and mocktail dry-blend mixers

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Thirst Ease - Dyma Brands

Dyma Brands has officially introduced its latest dry-blend mixers for cocktails and mocktails, now available under the Thirst Ease label.

These mixers, offered in margarita, strawberry daiquiri, and piña colada flavors, will enable Dyma’s customers to effortlessly diversify their beverage choices and increase profitability, all while using minimal supplementary ingredients.

Dyma Brands launches Cocktail and Mocktail:

Dyma’s mixers, as highlighted in the company’s statement, assure businesses of “optimal profitability” by offering the taste and quality akin to pre-made bottled cocktail mixes but at a more accessible price range.

Read more articles: Nestlé to close infant formula plant in Ireland, endangering 540 jobs

These mixers are designed to be cost-effective, ensuring businesses can maintain quality without compromising on their margins. Simplifying the preparation process, these mixers necessitate only the addition of water or spirits, providing a convenient solution for bars, restaurants, or event spaces aiming to streamline their beverage offerings.

Furthermore, the mixers boast an impressive shelf life of approximately two years, offering an extended period for inventory management and reducing wastage concerns for businesses

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