Shree Renuka Sugars on Tuesday said it has entered into an agreement to acquire a 100 per cent stake in Anamika Sugar Mills for INR 235.5 crore.
Renuka Sugars is one of the leading sugar firms in the country.
In a regulatory filing, it was disclosed by Shree Renuka Sugars that they have officially entered into a binding agreement, known as the Share Purchase Agreement, dated September 26, 2023, with Anamika Sugar Mills Pvt Ltd for the acquisition of the entire 100 percent equity stake in Anamika.
The company aims to establish a footprint in Uttar Pradesh, a significant sugar-producing state, with the goal of serving the markets in the northern and eastern regions of India.
“Acquisition of Anamika would enable the Company to gain access to existing sugarcane catchment area with a significant reduction in lead time for setting up the plant in Uttar Pradesh and easy access to skilled/unskilled labour,” it added.
The company has indicated that it is considering the possibility of expanding and modernizing the plant.
Anamika is poised to become a fully owned subsidiary of the company.
Shree Renuka Sugars said it will acquire “100 per cent equity (for) – INR 235.5 crore (5,00,48,589 equity shares at INR 47.05 per share)”.
The current crushing capacity of Anamika is around 4,000 tonnes per day.
Aditya Birla Fashion Retail Ltd (ABFRL) has successfully finalized its acquisition of a 51 percent ownership stake in TCNS Clothing, thereby cementing its position as a key promoter of the women’s apparel brand.
“The company has acquired 51 per cent of the expanded share capital of TCNS, thereby acquiring control over TCNS,” ABFRL said in a late night regulatory filing on Tuesday.
TCNS has become a subsidiary of the company, and will also be a material subsidiary of the company in accordance with SEBI Listing Regulations, it added.
Announced on May 5, the Aditya Birla Group entity disclosed its intention to acquire a controlling interest in TCNS Clothing through a transaction valued at INR 1,650 crore.
Under the terms of the agreement, the acquisition initially involved obtaining the founding promoter’s stake in TCNS Clothing through a Share Purchase Agreement (SPA), which was subsequently followed by an open offer.
In accordance with the Share Purchase Agreement (SPA), ABFRL procured a sum of 1.41 crore equity shares, constituting 22 percent of the increased share capital of the company.
“Consequently, post conditional open offer and SPA closing, the company acquired 3.29 crore equity shares, in total, constituting 51 per cent of the expanded share capital of TCNS,” it said.
TCNS reported a turnover of INR 1,201.59 crore for the financial year ended on March 31, 2023.
“The acquisition is in line with the company’s objective of building a comprehensive fashion portfolio across consumer segments and price points,” according to ABFRL.
ABFRL registered a revenue of INR 12,418 crore in the financial year 2022-23. It is India’s first billion-dollar pure-play fashion powerhouse, the company said.
The company has a network of 4,008 stores across 33,874 multi-brand outlets with 6,837 points of sales in department stores across India as of June 30, 2023.
It has a repertoire of India’s largest brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England. It also owns the leading fashion retail chain Pantaloons.
It is also a retailer of international brands and has long-term exclusive partnerships with Ralph Lauren, Hackett London, Ted Baker, Fred Perry, Forever 21, American Eagle and Reebok.
E-commerce platform Zepto, which recently achieved unicorn status, has risen to become the top choice for professionals seeking an ideal workplace in India, as per a ranking by a leading recruitment platform.
Startups that followed the e-grocery app in the ranking include BluSmart, an EV cab aggregator; Ditto Insurance, a fintech company; Pocket FM, an audio OTT platform; and Skyroot Aerospace, respectively.
On Wednesday, LinkedIn unveiled its annual ‘Top 20 Indian Startups List,’ which ranks emerging companies that professionals aspire to work for. This ranking is derived from LinkedIn’s data, which encompasses nearly 10 million members on the hiring platform.
Zepto has made a remarkable ascent, moving up three places from its previous rank at number 4 to claim the top spot as the startup with the highest employee growth, jobseeker interest, member engagement within the company and among its employees, and the ability to attract talent from LinkedIn’s Top Companies list.
“It’s truly remarkable that 14 of the 20 startups featured on this year’s list are new entrants, underscoring the immense potential and astonishing pace of innovation in India’s startup space.
“These startups are looking to hire talent right now. So it’s a great opportunity to be part of the growth story of India’s vibrant startup ecosystem,” LinkedIn India Head of Editorial Nirajita Banerjee said.
MARS Cosmetics, a prominent name in the beauty and makeup industry, has introduced its first kiosk, ushering in an exciting and immersive shopping experience in the lively heart of New Delhi. Located within the esteemed V3S Mall in Laxmi Nagar, this remarkable achievement signifies a significant stride in MARS Cosmetics’ ongoing pursuit of growth and expansion.
Featuring an extensive selection of over 300 SKUs spanning products for Eyes, Lips, Face, and Makeup Tools, this kiosk provides customers with an unmatched opportunity to immerse themselves in product trials. It serves as a sanctuary for those who relish the hands-on experience of in-person shopping, all the while serving as a vital hub for gathering invaluable customer insights. The kiosk’s design embodies the company’s steadfast dedication to beauty and aesthetics, with four distinct sections – “Face,” “Face Tools,” “Eyes,” and “Lips” – ensuring a personalized shopping journey that caters to individual customer needs. The soft pink color scheme exudes sophistication and complements the company’s trending products, establishing an inviting ambiance for beauty enthusiasts.
Mukan Jain, Brand Manager at MARS Cosmetics said, “The launch of our inaugural kiosk in the vibrant city of New Delhi signifies a significant stride in our mission to bring MARS Cosmetics closer to our cherished customers. Our kiosk not only showcases our extensive product range but also offers a hands-on, immersive experience that cannot be replicated online. We envision the opening of more such stores in the near future.”
MARS Cosmetics holds ambitious expansion goals, with a strategic emphasis on setting up kiosks and stores in key locations throughout Delhi. Additionally, the brand aims to extend its presence nationwide, ensuring that premium beauty products are readily available to a broader audience across India.
US-based Culver’s, a fast-casual restaurant chain, is gearing up for the much-anticipated relaunch of the CurderBurger on October 2, 2023.
In 2021, the brand initially introduced the CurderBurger, featuring a delectable cheese curd topping, and then brought it back in 2022.
Culver’s menu development director Quinn Adkins said, “The enthusiasm we’ve seen since the CurderBurger’s inception continues to amaze us.
“We can’t wait to bring it back for a third year and we hope this only-at-Culver’s delight continues to bring smiles to our guests’ faces as it has since it debuted two years ago.”
Culver’s has announced that the burger will be available in all of its nationwide restaurants, with it remaining on the menu until either October 31, 2023, or while supplies last.
Culver’s also noted that the reintroduction of the CurderBurger aligns perfectly with National Cheese Curd Day, celebrated on October 15, 2023.
During June of this year, Culver’s introduced the Lemon Berry Layer Cake and Dark Chocolate PB Crunch to its seasonal summer menu.
The Lemon Berry Layer Cake showcases Culver’s rich and creamy vanilla fresh-frozen custard, with layers of mixed berries, a swirl of zesty lemon, and delectable butter cake fragments.
Conversely, the Dark Chocolate PB Crunch includes dark chocolate fresh-frozen custard, Butterfinger chunks, and a luscious peanut butter swirl.
SLMG Beverages, the leading company under the Ladhani Group umbrella, boasting bottling franchises for Coca-Cola throughout Uttar Pradesh and Uttarakhand, has set its sights on achieving a revenue of INR 10,000 crore by 2025. Paritosh Ladhani, the Joint Managing Director of SLMG Beverages Pvt Ltd, shared this ambitious goal.
In 2022, the company posted a revenue of INR 3,600 crore, and it anticipates closing the year 2023 with a revenue of INR 4,600 crore.
“Going by the revenue growth, we should touch the INR 10,000 number by 2025 and we will continue to grow aggressively. This quarter has been impacted by Monsoon as there has been rain in every month,” said Ladhani.
In the challenging year of 2020, the company’s revenue declined from INR 2,100 crore to INR 1,500 crore. However, it rebounded in 2021, reaching pre-pandemic levels with the company reporting a revenue of INR 2,200 crore during that year.
“Pandemic impacted every business but we bounced back immediately. We have invested a lot on plant and this year we will open two new plants, taking the total count to 9,” the executive said.
The company is projected to triple its capacity by the year 2030.
SLMG boasts a vast network, with more than 1.5 million outlets, supported by over 1,500 distributors and 30 warehouses.
“We track per capita consumption and in India it is still on the lower side. There is a lot of scope to grow and our investment in increasing the capacity is in line with the growth we are aiming for,” Ladhani said.
The company has made a significant investment of INR 1,500 crore in plant, machinery, and automation.
“Majority of our fleet which transport bottles is EV and in addition we also take care of the environment by recycling water and using solar power,” he said.
The company has experienced a dramatic reduction in the demand for glass bottles, with its contribution to production now standing at just 3%, compared to its previous share of 90%.
SLMG is progressing towards becoming the first Indian franchise bottler to allocate $1 billion in investments for the Coca-Cola business in India.
Uniqlo, the renowned Japanese apparel retailer, has appointed Bollywood actress Katrina Kaif as its first brand ambassador in India, aiming to captivate discerning shoppers and expand its store network.
The 40-year-old actor is set to appear in Uniqlo’s campaign videos across various digital and offline platforms, as announced by the retailer on Tuesday. Kaif now joins the likes of tennis star Roger Federer, who assumed the role of Uniqlo’s global brand ambassador back in 2018.
In this one-year collaboration, the Bollywood actor will lend their endorsement to the brand’s Fall-Winter 2023 campaign, which will span across all media channels, encompassing print, digital, outdoor advertising, and in-store promotional materials.
Uniqlo, which marked its entry into the Indian market in 2019, currently operates 10 stores across the country, with two more in development. While the majority of these stores are situated in Delhi-NCR, there is one each in Lucknow, Chandigarh, and Zirakpur, Punjab. The brand is now poised to expand into Mumbai, attracting consumers of all age groups with its versatile and casual clothing lines.
Kaif said, “Uniqlo has been my go-to brand for daily essentials and over the years I have admired how functional and innovative their products are. Their simple, high-quality clothing is also very versatile, and perfect to build one’s everyday wardrobe with,” she said.
Katrina Kaif’s upcoming appearance is set for the Bollywood movie “Tiger 3,” slated for release during Diwali.
“We are extremely pleased to have Katrina Kaif join us as Uniqlo’s first brand endorser in India,” said Tomohiko Sei, chief executive officer, Uniqlo India.
Uniqlo belongs to Fast Retailing, Japan’s largest fashion conglomerate. Among the group’s eight brands, Uniqlo stands as the largest, alongside GU, Theory, PLST Comptoir des Cotonniers, Princesse tam.tam, J Brand, and Helmut Lang.
During the fiscal year 2022, Uniqlo India reported a remarkable 64% increase in income compared to the previous year, reaching INR 391 crore, as per information obtained from the financial intelligence platform Tofler. However, the company has not yet disclosed its financial results for fiscal year 2023.
In the ever-evolving landscape of India’s food delivery market, one company has emerged as a true game-changer. Nino Foods, founded in 2020 by Nishant Jhaveri and his friend Pranav Mehra, is making waves in the digital-first food space. This innovative startup is not just about creating delicious food; it’s about transforming the way food brands operate and expand in a post-pandemic world.
Nino Foods started its journey by taking over Francesco’s, a well-known Mumbai-based pizza brand that was grappling with the challenges posed by the pandemic. The company’s founders saw an opportunity to transform Francesco’s into a digital-first brand, and they did so with remarkable success. This marked the beginning of Nino Foods’ mission to create new brands in the digital-first food space.
One of their notable brands, Nino Burgers, became the fastest-growing brand on Swiggy in Mumbai upon its launch. Francesco’s Pizzeria, under their management, has risen to become Mumbai’s #1 thin-crust gourmet pizza brand. These achievements serve as a testament to the innovative strategies employed by Nino Foods.
Cloud Kitchens Revolution:
Nino Foods operates premium cloud kitchen brands across 12 locations in Mumbai. These brands include Nino Burgers, Kudo Rolls, Flash Pizza, Francesco Pizzeria, Macho Momo, and Hot Wings. What sets Nino Foods apart is its central kitchen, where all base items are freshly prepared daily. This approach not only ensures quality but also enables the company to efficiently share infrastructure and manpower across its brands.
In an exclusive interview with SnackFax, Nishant Jhaveri, Co-Founder, Nino Foods, said, “The new vertical which was one of the experiments we were running. We were helping other food entrepreneurs or family around food businesses across Bombay, Delhi Pune, Bangalore.”
Moreover, Nino Foods leverages hyper-local data for menu optimization, staying ahead of the curve in meeting customer preferences. This data-driven approach enhances their ability to provide exceptional food experiences.
A New Growth Partner Model:
In a bold move, Nino Foods is introducing a groundbreaking growth partner model. Leveraging their tech and supply chain expertise, they enable partners to launch leading food brands using their existing space and manpower, without the need for additional investment. The goal is clear: helping other kitchens maximize revenue on platforms like Zomato and Swiggy using Nino Foods’ platform and marketing expertise.
Nino Foods has already garnered substantial interest, with over 50 prospective partners on their waitlist. The company promises to unveil some exciting virtual brands in the near future.
Nino Foods offers a compelling proposition to potential partners:
Zero Investment: Partnering with Nino Foods requires no new capital investment. Existing employees and equipment can be used to get started.
Easy & Flexible Contracts: Transparent and partner-friendly terms make collaboration straightforward.
Rapid Deployment: Nino Foods understands the urgency of getting started. They promise to make your kitchen live in under 10 days.
Pan India Supply: Leveraging Nino Foods’ pan India supply chain network provides pricing benefits typically reserved for larger corporations.
Actionable Data Insights: Detailed insights on your business and actionable steps to enhance it are part of the package.
End-to-End Training: Nino Foods’ training process is designed to be easily understood and implemented.
Capitalizing on a Booming Market:
The digital-first food brand space, where Nino Foods operates, received a significant boost during the pandemic-led lockdowns. As people turned to food delivery services, many food brands and startups saw unprecedented growth. In India, the food delivery market is valued at $10 billion and continues to expand. During the pandemic, average order values rose from INR 250 to INR 350, highlighting the immense potential in this sector. Nino Foods strategically focuses on the premium segment (orders above INR 400), which accounts for 50 percent of industry revenues.
A Promising Future:
In 2021, Nino Foods successfully raised $1.6 million in seed funding from prominent investors, including Y Combinator, Soma Capital, Uncommon Capital, and serial entrepreneur Harry Hurst. This investment reflects the confidence that industry leaders have in the company’s potential to disrupt the food delivery landscape further.
With an impressive track record, a unique growth partner model, and a relentless focus on delivering quality, Nino Foods is poised to continue its remarkable journey of transforming the way India experiences food. As they prepare to launch a series of exciting virtual brands, the company is set to redefine the culinary landscape once again, one delicious meal at a time.
Paine Schwartz Partners, a US-based private-equity investor, has successfully concluded a fund aimed at the food and agribusiness industries, securing $1.7 billion in capital commitments.
Paine Schwartz Partners surpassed the initial goal for its Paine Schwartz Food Chain Fund VI, raising over $1.5 billion. The New York-based investor referred to this achievement as “the most substantial fund exclusively focused on investing throughout the food and agribusiness value chain.”
Since 2010, Paine Schwartz Partners, managing $5.7 billion in assets, has been dedicated to investments in the food and food-related sectors. In 2014, the company initiated its inaugural food-chain fund.
Fund VI represents Paine Schwartz’s most substantial fund thus far, boasting a 17% increase compared to its previous $1.4 billion Fund V. The company noted that the new fund drew interest from a wide range of investors, including pension funds, sovereign wealth funds, endowments/foundations, family offices, and other institutional investors with a focus on real assets, private equity, and impact-oriented investments.
The fund’s primary focus will be on sustainable investments within the food and agribusiness sector. It will prioritize businesses that promote increased agricultural productivity while simultaneously reducing resource consumption. Additionally, the fund will target companies that facilitate access to healthier, more nutritious, and safer food options.
Recently, Paine Schwartz spearheaded a consortium that successfully secured a $1.58 billion takeover offer acceptance from the Australian fresh produce firm, Costa Group. Notably, around 40% of Fund VI’s capital has already been utilized, encompassing the Costa Group transaction, as well as investments in AgroFresh Solutions, Elemental Enzymes, HGS BioScience, and Monterey Mushrooms.
Kevin Schwartz, the investor’s CEO, said, “Our ability to exceed our initial fundraising target in a challenging market environment reflects our firm’s track record and the continued resonance of our sustainable investment focus with investors.
“With Fund VI, we are continuing to invest to feed a growing population better food with more efficient use of resources. Food and agribusiness has been the fastest-growing sector for more than 15 years and continues to be underserved by the investment community.
“Guided by our core themes, we are targeting investments in segments associated with long-term growth that have limited commodity exposure and limited private-equity competition.”
Investors in the fund included the District of Columbia Retirement Board and the Connecticut Retirement Plans and Trust Funds.
Tyson Foods has revealed its intention to merge its Prepared Foods business division with the company’s Growth organization.
As per Tyson’s statement, the integrated entities will maintain their emphasis on “brand establishment, operational efficiency, and expanding market reach.” At the same time, they will emphasize improving swiftness and flexibility through collaborative endeavors.
Melanie Boulden, presently serving as the Chief Growth Officer at Tyson Foods, is assuming the added responsibility of Group President of Prepared Foods. Tyson has stated that this move is in direct alignment with the company’s vision and strategy, which centers on generating value, sustaining growth, and improving the customer and consumer experience.
Boulden will now oversee Tyson Foods’ diverse array of products, catering to its retail, foodservice, and e-commerce offerings, which encompass well-known brands like Tyson, Jimmy Dean, Hillshire Farm, and Ball Park.
Boulden said, “Creating a more unified team across Prepared Foods and Growth empowers us to anticipate and respond to business challenges and opportunities with greater impact. As we continue to build for the future, we remain committed to fostering the customer and consumer-centric approach that will drive us forward and help us deliver results against our strategy.”
Donnie King, president and CEO of Tyson Foods, added, “I am fully confident we have the right enterprise leadership team in place to drive growth across our entire business. The categories we operate in present unique challenges, and as the industry leader, we believe our strategy and structure position us to win in today’s marketplace.”
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