Tyson Foods ventures into insect-protein business with investment in Protix

News

By

-

October 18, 2023

Tyson Foods has made a strategic investment in Protix, a company specializing in insect-based protein, and is gearing up to establish a collaborative U.S. production facility, primarily focused on catering to the pet food market.

The American-based meat industry leader refrained from revealing the exact percentage of the minority stake it acquired in Protix, a Netherlands-based company that specializes in insect-derived ingredients. Protix provides these ingredients not only for pet food but also for use in animal and fish feed applications.

Tyson Foods and Protix have formed a collaborative endeavor to set up and manage a facility producing insect-based ingredients. The location of this facility will be in the “continental United States,” as stated by the owner of the Jimmy Dean and Hillshire Farm brands in an official statement.

The financial terms were not revealed.

Tyson Foods said, “The strategic investment will support the growth of the emerging insect-ingredient industry and expand the use of insect-ingredient solutions to create more efficient sustainable proteins and lipids for use in the global food system.”

Situated in Dongen, a town in the southern region of the Netherlands, Protix established its local operation in 2019. Using the liquid-to-liquid extraction (LLE) method, they process 14,000 metric tons annually. The company serves worldwide enterprises engaged in pet food, aquaculture feed, livestock feed, and organic fertilizer production.

John Tyson, Tyson Foods’ CFO, said, “Our partnership with Protix represents the latest strategic investment by Tyson Foods in ground-breaking solutions that drive added value to Tyson Foods’ business.

“The insect lifecycle provides the opportunity for full circularity within our value chain, strengthening our commitment to building a more sustainable food system for the future.”

Tyson Foods stated that its investment will contribute to funding Protix’s worldwide expansion and the growth of insect-based ingredient production.

The human meat major added with respect to the planned factory, “Upon completion, it will be the first at-scale facility of its kind to upcycle food manufacturing by-products into high-quality insect proteins and lipids, which will primarily be used in the pet food, aquaculture and livestock industries.”

The focus will encompass all stages of production, ranging from breeding and incubation to the hatching of insect larvae.

Kees Aarts, the CEO of Protix, added, “We are very excited to announce the next step in our international growth strategy. Tyson Foods’ and Protix’s strategic partnership advances our joint work towards creating high-quality, more sustainable protein using innovative technology and solutions.

“This agreement is a major milestone for Protix and significantly accelerates our ambition to grow through international partnerships.”

India’s wheat prices soar to 8-month peak amid tight supply and high demand

News

By

SnackTeam

-

October 18, 2023

0

On Tuesday, Indian wheat prices reached an eight-month peak, driven by robust demand during significant festivals, restricted availability, and import duties rendering foreign purchases impractical for domestic flour mills.

The escalating prices might lead the government to release additional stocks from its inventories and waive import duties on wheat to strengthen the supply and manage prices in anticipation of crucial state assembly elections and a general election next year. The surge in wheat prices has the potential to contribute to food inflation.

On Tuesday, wheat prices in New Delhi experienced a 1.6% increase, reaching 27,390 rupees ($329) per metric ton—marking the highest level since February 10. Over the last six months, prices have witnessed a substantial surge of almost 22%.

“Festival season demand is driving up wheat prices. The government needs to permit duty-free imports to reduce prices,” said Pramod Kumar S, president of the Roller Flour Millers’ Federation.

Last month, Sanjeev Chopra, the highest-ranking civil servant at the food ministry, stated that India does not currently have any intentions to eliminate the 40% import tax on wheat.

On October 1, the wheat reserves in government storage facilities amounted to 24 million metric tons, significantly lower when compared to the five-year average of 37.6 million tons.

Ashwini Bansod, who leads commodities research at Phillip Capital India Pvt Ltd, explained that the increase in domestic wheat prices is due to the absence of imports and government procurement falling short of the intended targets.

In 2023, India succeeded in acquiring 26.2 million tons of wheat from farmers, falling short of the intended goal of 34.15 million tons.

The market is also taking into consideration worries about the El Nino weather pattern, which could result in above-average winter temperatures and potentially adversely affect the upcoming wheat crop, as noted by Bansod.

While the government projected a record-high wheat output of 112.74 million metric tons in 2023, a prominent trade association contended that the actual harvest was at least 10% lower than the farm ministry’s assessment.

“The supply situation is poised to tighten further in the coming months, and there’s a real risk of prices surging beyond 30,000 rupees unless the government opens the door to imports,” said a Mumbai-based dealer with a global trade house.

Karnataka Bank set to recover half its dues from debt sale of Coffee Day Global

News

By

SnackTeam

-

October 18, 2023

0

According to informed sources, Karnataka Bank is poised to recoup over 50% of its outstanding dues by the end of this month through the debt sale of Coffee Day Global, an unlisted company that runs the Cafe Coffee Day chain throughout India.

A binding offer has been presented to the bank by Rare Asset Reconstruction Company (ARC), prompting a Swiss challenge auction. The ARC’s offer stands at approximately INR 50-INR 55 crore in response to the outstanding dues of INR 88 crore, as reported by one of the sources mentioned earlier.

In the past, Rare Asset Reconstruction Company (ARC) had acquired Coffee Day Global debt from both RBL Bank and Aditya Birla Capital.

Coffee Day Global, a subsidiary of the publicly traded Coffee Day Enterprises, was founded by the late VG Siddhartha, who tragically took his own life in 2019.

As per its FY23 annual report, the company’s debt stands at INR 982 crore, compared to INR 960 crore in the previous year. This INR 982-crore debt encompasses inter-corporate loans amounting to INR 146 crore from Tanglin Developments, as indicated in the report.

Both the lender and Rare ARC declined to provide any comments.

Karnataka Bank has requested expressions of interest to be submitted by October 26, with the data room accessible for a single day on the same date, as outlined in the auction notice. The e-auction is set to take place on October 27.

In mid-August, Rare ARC acquired Coffee Day Global loans totaling INR 110 crore, making an initial cash payment of INR 68 crore. In September, IndusInd Bank sold its loans to Coffee Day Global to ASREC (India), another ARC. Coffee Day Global had previously been admitted for insolvency by the National Company Law Tribunal based on a petition from IndusInd Bank. Following the sale, IndusInd Bank expressed its intention to withdraw its petition before the appellate tribunal.

According to the most recent annual report for FY23, Coffee Day Global, a privately held company, operates 469 Cafe Coffee Day outlets in 154 cities and 268 CCD Value Express kiosks. The company has also deployed 48,788 coffee vending machines in corporate workplaces and hotels, as indicated in the same report.

The sale notice, which called for Expressions of Interest (EoI), specified the principal loan amount as INR 87.8 crore. However, it did not provide details regarding the reserve price or the permissible mark-up for potential counter bids by an ARC. The RBI’s guidelines from September 24, 2021, regarding loan transfers mandated that banks disclose both the base price and the anticipated mark-up in Swiss auctions.

Hotel industry set for remarkable growth: JM Financial forecasts robust FY24, steady progress in FY25

News

By

SnackTeam

-

October 18, 2023

0

According to a report by JM Financial Institutional Securities, the latter part of FY24 is anticipated to mark one of the most robust periods for hotel companies in the past decade. This positive outlook is attributed to significant events such as the Cricket World Cup, the grand finale of Miss World 2023, and a thriving wedding season.

Looking ahead, JM Financial Institutional Securities continues to maintain the belief that both occupancies and Average Room Rates (ARR) have potential for further growth. It is important to note that this growth may not follow a consistently upward and linear trajectory. Various factors could introduce short-term disruptions to an otherwise positive trend. These factors include a high FY24E baseline, the General Elections scheduled for May 2024, the potential risk of the Indian Premier League (IPL) relocating, and an unfavorable mix due to a higher proportion of corporate travel. Despite these challenges, JM Financial Institutional Securities anticipates getting closer to pre-COVID levels.

In the latter half of FY25E, as the previously underperforming demand segments, such as corporate travel and inbound tourism, take the spotlight, there is an expectation that occupancies will gradually rise to a range of 70-72 percent. This, in turn, is projected to result in low double-digit growth in Average Room Rates (ARR) during this period, with adjustments made for the exceptionally high rates seen during the ODI matches in their respective venues, as mentioned in the report.

Within their coverage universe, they anticipate a more moderate growth rate of 6-8 percent for Average Room Rates (ARRs) in FY25E, as compared to the 10 percent growth seen in FY24E. Simultaneously, they assume an expansion in EBITDA margins by 100-150 basis points, driven by favorable operating leverage.

During the third and fourth quarters of FY24, the domestic hotel industry is poised to achieve its highest numbers in a decade, driven by robust domestic tourist demand and significant global events. It is anticipated that Average Room Rates (ARR) will experience a year-on-year growth of 15-20 percent in FY24E. However, the report suggests that the elevated baseline established in FY24E is likely to lead to a slowdown in growth in FY25E.

Moreover, during the first quarter of FY20, coinciding with the previous general elections, there was a 0.4 percent year-on-year decrease in both occupancy and Revenue per Available Room (RevPAR), with a decline of 2.9 percent, respectively.

A comparable scenario is expected to unfold at the beginning of FY25E, leading to a temporary disruption in growth. The return of corporate sector demand, particularly rates negotiated through RFPs (Request for Proposals), is anticipated to exert downward pressure on room rates, as outlined in the report.

Shareholders green-light Campbell’s £2.7 Billion acquisition of Sovos Brands

News

By

SnackTeam

-

October 18, 2023

0

Sovos Brands’ stockholders have granted their consent for the £2.7 billion acquisition of the company by Campbell Soup.

Sovos’ shareholders have overwhelmingly supported Campbell’s acquisition of Sovos Brands’ outstanding shares at a price of $23.00 per share in cash. An impressive 92.38% of the total outstanding shares participated in the vote, and an overwhelming 99.99% of those votes were in favor of the proposal.

Sovos Brands’ lineup comprises well-known brands, including Rao’s, Michael Angelo’s, and Noosa. These brands are known for producing a variety of products, including pasta sauces, soups, and frozen pizzas.

FoodBev initially reported on the agreement when it was first announced in August. Mark Clouse, the President and CEO of Campbell’s, expressed his excitement, stating that he was “delighted” to “welcome the highly skilled employees” from Sovos Brands.

Todd Lachman, the Founder, President, and CEO of Sovos, expressed confidence in the agreement, affirming his belief in Campbell’s capacity to expand the reach of their products to more households and to continue building upon their history of growth and success in the years ahead.

The completion of the transaction is contingent upon meeting several closing conditions, including regulatory approval. Sovos anticipates that the transaction will conclude in the fourth quarter of 2023.

Foodpanda appoints John Fang as new CEO amidst potential Southeast Asia sale

News

By

SnackTeam

-

October 18, 2023

0

Foodpanda, the third-party food delivery aggregator, has announced the appointment of John Fang as its new CEO.

John Fang has held a variety of leadership positions at foodpanda over the past six years, starting with his role as Taiwan Country CEO when he first joined the company.

Most recently, he served as the Chief International Officer, overseeing business operations in foodpanda’s 11 markets. In his new capacity as CEO, Fang will persist in guiding and expanding foodpanda’s enterprise, with an unwavering commitment to enhancing the value and purpose within the food and grocery delivery ecosystem that foodpanda caters to.

Fang takes over from Jakob Angele, who stepped down as CEO of foodpanda after dedicating nine years to the company.

The appointment coincides with an announcement by Delivery Hero, the parent company of foodpanda, regarding the potential sale of foodpanda in Southeast Asia.

Giraffe World Kitchen makes Qatar debut at Hamad International Airport with exciting new burger concept

News

By

SnackTeam

-

October 18, 2023

0

Giraffe World Kitchen, a concept by Boparan Restaurant Group, is set to make its debut in Qatar at Hamad International Airport in Doha. This expansion is part of a broader global franchise collaboration with Avolta, a prominent player in the travel entertainment industry, operating under its subsidiary, HMSHost International.

Introducing a fresh and innovative concept, the most recent establishment now features the first Giraffe Burger to-go, which complements the existing World Kitchen. With a delectable range of options, from the Classic Cheeseburger to the Mexicana Burger, the Burger Bar has quickly become a significant contributor, accounting for nearly 30% of on-site sales.

Operating around the clock, the newest Giraffe World Kitchen location encompasses 244 square meters and has seating for 135 guests. The menu includes a variety of freshly prepared international dishes, as well as options for breakfast, small plates, beverages, and desserts.

Adorning the ceiling with striking signage, the interior showcases whimsical graphics, vibrant hues, and materials like reclaimed timber. The atmosphere comes alive with suspended planters above extended tables, and a captivating focal point above the bar, crafted from multicolored yarn.

“We are delighted to continue working with HMSHost International, and now Avolta on the global expansion of Giraffe World Kitchen. As experienced travel experience franchisees, they are the perfect partner to represent the brand as we continue to grow internationally,” Satnam Leihal, CEO at BRG said

The Qatar location comes shortly after the recent launch of Giraffe World Kitchen in Barcelona Airport last month. Other Giraffe World Kitchen sites are already established at Heathrow Terminal 5, Birmingham, and Gatwick airports, as well as in Barcelona, Malaga, and Dubai International airports. Additional international openings will be announced later this year.

Keventers unveils limited edition Sitaphal ice cream, a seasonal delight for ice cream enthusiasts!

News

By

SnackTeam

-

October 18, 2023

0

Keventers is delighted to unveil a unique and exclusive Sitaphal flavor in its captivating lineup of 14 delightful ice creams. Combining tradition and innovation, Keventers, renowned for originating the classic Cassata Ice Cream, has once more encapsulated the essence of India’s culinary legacy. This sumptuous ice cream flavor, a tribute to the cherished custard apple, is now accessible in consumer-friendly 100ml and 300ml packs, priced at INR 109 and INR 349, respectively.

Crafted from the beloved tropical fruit of custard apple, also recognized as Sitaphal or Shareefa, this ice cream embodies a delightful fusion of opulent creaminess and inherent sweetness, meticulously designed to entice the discerning palates of ice cream connoisseurs. Keventers’ culinary experts have artfully created this novel flavor, aiming to encapsulate the distinctive flavor and texture of Sitaphal. The result is a truly captivating indulgence that promises a tantalizing experience with each and every scoop!

Agastya Dalmia, Founder & CEO, Keventers, said, “Our latest drop brings the delicious fruit of this season to you in the creamiest and most indulgent form, capturing the essence of Sitaphal like never before. Our focus has been on enhancing customer experience and offering a greater variety across our growing product portfolio. We have consistently worked on innovative new products with a diverse flavour profile and have introduced new variants across categories for our consumers. Our team has worked tirelessly to ensure that every scoop of Sitaphal ice cream delivers the authentic taste while maintaining the premium quality that Keventers is renowned for.”

You can now find it at handpicked Keventers stores nationwide, as well as conveniently order it online through Zomato and Swiggy.

Chef Rahul Shrivastava appointed as Executive Chef at Hyatt Centric Juhu

News

By

SnackTeam

-

October 18, 2023

0

Chef Rahul Shrivastava has been appointed as Executive Chef at Hyatt Centric Juhu.

Stumbled into the culinary world by chance, Chef Rahul’s journey took flight, aiming for nothing short of becoming an exceptional, experienced culinary artist. Drawing inspiration from his childhood days spent assisting his mother in the kitchen, his culinary journey is one of passion, dedication, and evolution.

During his initial role at The Oberois in New Delhi, he began by mastering the fundamentals of Japanese cuisine. To this day, he cherishes the memories of that period marked by significant personal and professional development. In 2016, he launched his debut restaurant, A2, in collaboration with The Park Chennai, dedicated to introducing global flavors to the city. Leading his inaugural dining establishment revolved around creating an unforgettable experience for guests, centered on food, enjoyment, and lasting memories.

Embarking on a journey to the picturesque shores of Malta, Chef Rahul found himself at Amami, a platform to encapsulate the very soul of Japan in his culinary creations, all the while gaining valuable international exposure. His career then took a new turn with Soy-Soi, part of the Pricol group, based in Delhi, offering an opportunity to explore the diverse realm of Pan-Asian cuisine while overseeing city-wide operations.

Post the pandemic’s upheaval, Chef Rahul was drawn to the city of dreams. He made his way to Izumi in Mumbai, where every dish on the menu was a testament to his deep appreciation for the Land of the Rising Sun.

“Through my work, I’ve gotten great opportunities of not just developing expertise in Japanese cuisine but also pan-Asian and world cuisine. Our World is more connected than ever and I’m blessed to be equipped with skills for serving deliciousness to guests with diverse dining expectations,” he shared.

As the Executive Chef at Hyatt Centric Juhu, Chef Rahul assumes the responsibility of steering the esteemed Sesame restaurant to greater heights of recognition. His vision for Sesame is centered on the concept of crafting a “culinary spectacle” where the dishes captivate not only the senses but also the eyes, transforming the dining experience into a visual and sensory delight.

Fashion retailer V2 Retail expands with three new outlets in Odisha and Bihar

News

By

SnackTeam

-

October 18, 2023

0

Fashion and apparel retailer V2 Retail has recently expanded its presence by opening three new outlets—two in Odisha and one in Bihar, as announced in a social media post by a company official on Tuesday.

As per LinkedIn posts by Shakti Mohanty, V2 Retail’s Business Development Head, one of the stores is situated near the former bus terminal in Khorda, while the second can be found at Girija Square in Berhampur, Odisha. The third outlet has been established on Campus Cinema Road in Hajipur, Bihar.

Founded in 2001, V2 Retail initially operated under the name Vishal Megamart Limited or Vishal Retail. In 2010, the founder, Ram Chandra Agarwal, sold the financially strained company to TPG and a Shriram Group firm for INR 70 crore. After a span of eight years, a Forbes India report revealed that the company was once again acquired, this time by a private equity consortium—Partners Group and Kedaara Capital—for a substantial amount exceeding INR 5,000 crore.

Subsequently, the company underwent a name change and was rebranded as V2 Retail Ltd.

Currently, V2 Retail possesses a network of 105 retail stores spanning across 17 states in the country. Out of these, five are situated in the Delhi-NCR region, while 24 are located in Bihar. Furthermore, there are 26 stores in Uttar Pradesh, 16 in Odisha, six in Assam, seven in Jharkhand, five in Karnataka, four in Uttarakhand, three in Madhya Pradesh, and two in Goa. Additionally, the retailer maintains one store in Himachal Pradesh, Arunachal Pradesh, Tripura, Jammu and Kashmir, Meghalaya, and West Bengal, according to information available on the company’s website.

NewsHub