New Zealand’s A2 Milk and Synlait locked in dispute over contract termination

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September 20, 2023

Conflict has erupted between New Zealand-based A2 Milk and Synlait, major players in the milk and infant-formula industry, following A2 Milk’s decision to terminate a longstanding exclusive supply contract.

Synlait serves as a provider of dairy, infant-formula products, and ingredients to A2 Milk. However, on Sunday, September 17th, A2 Milk made an announcement through a statement on the New Zealand stock exchange (NZX) that it had issued a written notice to Synlait, terminating the exclusive manufacturing and supply privileges that Synlait had previously held. These privileges encompassed the production of stages 1 to 3 of A2’s infant-formula products intended for sale in China, Australia, and New Zealand.

A2 Milk, holding the second-largest stake in Synlait at 19.8%, stated that it terminated the exclusive agreement because Synlait’s performance in delivering products in full and on time during FY23 fell below the threshold necessary for maintaining such exclusive rights.

However, it said “Synlait remains an important supplier”.

Yesterday, Synlait responded. In a stock-exchange filing, it said, “Synlait disputes that The A2 Milk Company has the right to cancel the exclusivity arrangements.”

A2 Milk has confirmed that, in practice, Synlait will continue to enjoy exclusivity until the matter is resolved. The contract includes a 20-day dispute resolution process, and if the issue remains unresolved after this period, arbitration proceedings will be initiated.

Synlait additionally highlighted its possession of the Chinese regulatory State Administration for Market Regulation (SAMR) license, which pertains to its Dunsandel manufacturing facility and encompasses A2 Milk products. Synlait anticipates continuing the production of these products for the Chinese market until the license’s expiration in September 2027.

Local media reports have proposed that by discontinuing Synlait’s exclusive agreement, A2 Milk could potentially make use of the specialized dairy nutritionals facility, Mataura Valley Milk. This facility is jointly owned with China Animal Husbandry and has been operating at a loss.

The Nutritional Powders Manufacturing and Supply Agreement (NPMSA) between A2 Milk and Synlait will continue under a rolling term, as it can only be terminated by either party with a three-year notice period.

In its statement to the NZX, Synlait also informed the market about the successful completion of its bank refinancing, welcoming new members to its banking syndicate, including ANZ, Bank of China, China Construction Bank, HSBC, and Rabobank. As a result, the company has secured a working capital facility amounting to NZ$240 million (approximately $142.5 million) and revolving credit facilities of NZ$230 million.

Furthermore, it reaffirmed its net profit guidance for the full year of 2023, which spans from a net loss of NZ$5 million to a net profit of NZ$5 million. The company emphasized that A2 Milk’s announcement would not affect its performance for the fiscal year 2023.

The group is scheduled to unveil its full-year 2023 results on Monday, September 25th.

Back in April, A2 Milk expressed surprise at Synlait’s profit warning, where Synlait cautioned investors about a potential net loss of NZ$5 million, contrasting sharply with its earlier projection of an annual net profit after tax ranging from NZ$15 million to NZ$25 million.

International Dairy Investment buys 24.61% stake in Domty

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September 20, 2023

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The International Dairy Investment Company has acquired 69.55 million shares of Arabian Food Industries, thereby securing a 24.61% ownership interest.

Arabian Food Industries, recognized by its flagship brand Domty, operates in Egypt, producing a variety of branded white and processed cheeses, as well as juice products.

The deal, with a total worth of approximately $14.39 million (EGP 445.84 million), was executed at an average share price of EGP 6.41.

The El-Damaty family sold all of their shares in Domty to the International Dairy Investment Company as part of this acquisition.

Last week, the Egyptian investment firm EFG Holding facilitated the transaction.

During 2021, FrieslandCampina and the Arabian Food Industries Company reached an agreement to establish a fresh joint venture dedicated to exporting cheese to Africa and the Middle East. In this new partnership, FrieslandCampina and Domty held ownership stakes of 51% and 49%, respectively.

Absolut Vodka unveils new flavor explosion with ‘Nordic Spice’

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September 20, 2023

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Absolut Vodka has broadened its Absolut Nights shot collection by introducing its second offering, known as Nordic Spice.

Drawing inspiration from Nordic spices, the fresh spirit offers an invigorating vodka experience that seamlessly blends the warmth of green cardamom, the zest of ginger, and the crispness of apple. The result is a velvety libation with nuanced fruity notes and a tantalizing hint of spiciness.

Absolut suggests enjoying this 35% ABV beverage chilled and undiluted, accompanied by either a side of ginger ale or a refreshing apple juice.

The fresh flavor is presented in a unique 700ml glass bottle in vibrant electric green, thoughtfully designed to encapsulate the essence of the nighttime urban streets in the Nordics.

The brand emphasizes that this new range represents a bold continuation of its enduring dedication to offering fresh and innovative ways to savor the iconic flavors of Absolut.

Nancy Baghdadi, director for product portfolio and innovation at The Absolut Group, said, “The night out has always been Absolut Vodka’s heartland, but today’s generation of partygoers have an appetite for bolder flavours and innovative drinks. Absolut Nights Nordic Spice, like our first drink in the new shot range, Absolut Nights Smoky Piña, was another opportunity for us to tap into local culture through urban mixes with global appeal.”

She continued, “Influenced by spices used in the Nordics, this fresh, spicy and smooth shot will excite existing Absolut fans and open a door to attract a new generation of consumers. We are continually looking to push the boundaries with daring and unique flavours in response to the tastes our consumers want. We’re confident this well-balanced juicy shot with a spicy kick will do just the trick.”

Absolut Nights Nordic Spice will launch in China this month, with globally rollout from January 2024.

Instacart Co-Founder Apoorva Mehta steps down from board post-IPO, retains largest share with $1.1 Billion fortune

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September 20, 2023

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Instacart’s Co-Founder, Apoorva Mehta, is checking out with a significant $1.1 billion fortune following the grocery-delivery company’s initial public offering.

Also Read: Instacart’s revenue soars by 31% as it prepares for highly anticipated IPO

Mehta had checked out as the CEO of the company in August 2021 and gave up his board position as executive chairman as a component of the IPO process, transferring leadership to the current CEO, Fidji Simo, a former executive at Meta Platforms. Mehta had been one of the co-founders of the company back in 2012.

Over the past decade, this startup has evolved from resembling a Webvan clone into becoming the largest grocery-delivery enterprise in the United States. During the six months ending on June 30, revenue witnessed a robust 31 percent increase, reaching approximately $1.5 billion. This remarkable growth was, in part, fueled by a strategic shift towards a more profitable advertising business model.

In March 2021, at the height of its pandemic-driven surge, venture capitalists appraised the company’s worth at an impressive $39 billion. At its zenith, Apoorva Mehta’s 10 percent ownership stake had already elevated him to billionaire status, with a peak fortune of $3.5 billion. However, as viral infections waned and inflation rates surged, the San Francisco-based company encountered challenges. Over the course of the past year, it revised its internal valuation three times, ultimately settling at around $13 billion in October.

Maplebear Inc., the parent company of Instacart, established its IPO price at $30 per share on Monday, resulting in a valuation of $9.9 billion. On Tuesday, when trading commenced in New York, the stock surged by over 40 percent, eventually closing at $33.70.

“What matters is how Instacart performs over the next few years, rather than what it means on day one,” Mehta said in a telephone interview after the stock began trading. “We focus more on the long-term and that’s what we’re excited about.”

Apoorva Mehta’s wealth amounts to $1.1 billion, encompassing his 10 percent ownership in Instacart and an interest in his recently founded venture, Cloud Health Systems. Cloud Health Systems, where Mehta serves as CEO, is dedicated to tackling chronic illnesses. The health-tech startup has successfully secured $42 million in funding from investors like Thrive Capital, Andreessen Horowitz, and General Catalyst. Notably, in a financing round held in November 2022, the startup was valued at $200 million.

In the offering, Mehta offloaded stocks amounting to $21 million; however, based on the amended registration filing, he will retain his position as Instacart’s primary individual shareholder. Venture capital firms Sequoia Capital and D1 Capital Partners possess larger ownership stakes at 14 percent and 13 percent, respectively, excluding any potential additional shares they might acquire during the IPO. Instacart’s other co-founders, Brandon Leonardo and Maxwell Mullen, each possess a 2 percent stake.

Pizza Express debuts in Lucknow, brings a taste of Italy to the city of Nawabs

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September 20, 2023

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Pizza Express has opened its first store in Lucknow, as announced by Gourmet Investments Pvt. Ltd., a company within the Bharti Group that operates the brand in India. The announcement was made through a LinkedIn post on Monday.

“We are thrilled to announce the grand opening of our 1st Pizza Express store in the vibrant city of Lucknow! Get ready for a slice of Italy right in the heart of Lucknow.”

The LinkedIn post, however, lacked additional information, including specifics about the store’s size and its exact location within the City of Nawabs. According to PizzaExpress’s official website, the store is situated within Lucknow’s Lulu Mall. Gourmet Investments Pvt. Ltd., a subsidiary of the Bharti Group, oversees renowned international brands such as Pizza Express, Chili’s, and Ministry of Crab.

Pizza Express, a British multinational pizza chain established in 1965 by Peter Boizot in London, United Kingdom, is renowned for serving pizza prepared in an authentic Italian fashion. The first Indian branch of Pizza Express was launched in 2012 at Colaba in Mumbai. According to the company’s website, as of now, there are 18 Pizza Express outlets spanning across 7 cities in India.

The brand offers a wide range of prominent Italian cuisines, including pizza, pasta, Napoletana, and various other delectable items. Gourmet Investments Pvt. Ltd. has ambitious plans to establish more than 100 Pizza Express stores in India in the coming years.

SC directs Pernod Ricard executive Benoy Babu to surrender by September 25 in money laundering case

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September 20, 2023

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The Supreme Court, on Monday, issued an order directing Benoy Babu, an executive at the liquor giant Pernod Ricard, who is currently facing prosecution in a money laundering case connected to the alleged Delhi excise policy scandal, to surrender himself by September 25. This decision came from a bench of Justices Sanjiv Khanna and SVN Bhatti, who also extended the interim bail previously granted to Babu by the Delhi High Court by one more week, now expiring on September 19.

The bench announced its intention to review his standard bail request during the week beginning October 30. It also requested the Enforcement Directorate to provide a response to the petition contesting the High Court’s July 3 order, which denied him relief.

Senior advocates Harish Salve and Mukul Rohatgi, representing Babu, informed the court that his wife is scheduled to undergo surgery on September 22. Therefore, they requested that he be granted some additional time before surrendering.

Salve argued that Babu had a strong case for the approval of regular bail based on its merits and urged the court to expedite the hearing of his plea by setting an earlier date.

“For 10 months he has been in jail and now he is out on interim bail on medical grounds. Since the court is considering fixing the matter for hearing in October end, he should not be asked to surrender. Heavens won’t fall in 10 days,” he said.

The bench expressed its reluctance to extend the interim bail period beyond September 25 and instructed Babu to surrender on or before that specific date.

“As far as regular bail is concerned, we are issuing notice to ED returnable in four weeks. We will hear the matter in the week commencing October 30,” the bench said.

The Delhi high court had on September 6 extended Babu’s interim bail on “humanitarian grounds”.

During his appearance before the High Court, Babu had informed the court that his minor daughters had been experiencing depression for the past few months. He had requested an extension of his interim bail to ensure he could provide care and support for his children.

The High Court had prolonged Babu’s interim bail until September 19, emphasizing that this extension was solely granted due to humanitarian considerations. The court explicitly stated that no additional extensions should be sought based on his daughters’ medical condition. Babu had turned to the High Court after the trial court declined to further extend the interim bail initially granted to him on August 24, citing medical reasons.

Through his advocate Raj Kamal, Babu has submitted an appeal to the Supreme Court, contesting the High Court’s decision on July 3 to deny his request for standard bail in the money laundering case associated with the alleged Delhi excise policy scandal.

The Delhi government introduced the new excise policy on November 17, 2021, but terminated it by the conclusion of September 2022, following allegations of corruption.

Babu and Aam Aadmi Party’s communication in-charge Vijay Nair were arrested by the ED in November last year in connection with the case.

Ocado Retail records first post-pandemic growth, marks 7.2% revenue surge in latest quarter

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September 20, 2023

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Britain’s Ocado Retail saw a return to growth in the number of items sold during the last month of its latest quarter, marking its first uptick since the COVID-19 pandemic. This positive trend can be attributed to the increasing number of customers who are now shopping more regularly at the online supermarket.

The increase in volume played a crucial role in the 50/50 joint venture between Ocado Group and Marks & Spencer, resulting in a 7.2% surge in revenue, reaching £570 million (equivalent to $705 million) for its third quarter ending on August 27. This figure represents a notable improvement compared to the 5% growth reported in the first half.

Ocado Retail reported a “promising” start to its fourth quarter, and on Tuesday, shares of Ocado Group, which have experienced significant fluctuations in recent months, rose by 3.2%. Additionally, shares of M&S increased by 1.8%.

Prior to the emergence of COVID-19 in 2020, online sales accounted for approximately 7% of the total grocery market in Britain. This proportion reached its highest point, approximately 15%, during the height of the pandemic. However, as consumers gradually returned to physical stores, the online market share has subsequently decreased to around 10%.

During a press briefing, Ocado Retail’s CEO Hannah Gibson conveyed that the growth in volume was a result of a 1.5% uptick in active customers, now totaling 961,000. Additionally, there was a 1.9% increase in the average number of weekly orders, which reached 381,000, and a stabilization in the average basket size, maintaining at 44 items.

“Those three things coming together means that volume growth has come earlier than expected,” she said, noting it had not been anticipated until the fourth quarter.

Gibson said the shift to online shopping would step up when Britain’s cost of living crisis eases.

“If you just think about Generation Z of today, we’re not going to be seeing 10 or 11% of those shopping online, it is going to be more,” she said.

In the third quarter, Ocado Retail observed an 8.4% increase in its average selling price. It’s worth noting that this growth rate was below the market inflation rate, which currently stands at 12.2%, as reported by the latest industry data.

Gibson mentioned that since June, Ocado Retail has implemented price reductions on over 650 items.

Ocado Retail reiterated its anticipation of achieving “mid-single digit” revenue growth and maintaining “marginally positive” core earnings (EBITDA) for the entirety of the 2022-23 fiscal year, a significant improvement from the previous year’s loss of £4 million.

Korean cosmetics giant Amorepacific teams up with Reliance’s Tira for major expansion in India

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September 20, 2023

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The South Korean beauty and cosmetics giant, Amorepacific Corp., has unveiled an ambitious plan to expand its brick-and-mortar presence in the country, aiming to quadruple its current number of stores. Notably, it intends to launch a hundred of these stores in collaboration with Reliance Retail Ventures Ltd.

The company behind well-known brands such as Innisfree and Etude House has entered into agreements with Reliance Retail to distribute its products through Reliance’s beauty store—Tira.

“We have signed for 100 store-in-store outlets inside the Tira stores that will be opened over the next three years,” said Paul Lee, managing director and country head, Amorepacific.

Lee’s visit to India aligns with the significant milestone of the group’s leading brand, Innisfree, reaching a decade of operations in the world’s most densely populated market.

Additionally, it markets three other brands: Laneige, Sulwhasoo, and Etude House.

The 78-year-old conglomerate rode the K-beauty trend to ascend as one of Asia’s most influential cosmetics empires, surpassing Chanel and LVMH in beauty sales. However, it has recently faced challenges due to a deceleration in its business operations in China.

To compensate for the sluggish sales in China, the company is intensifying its expansion efforts in alternative markets, with a particular focus on India. In the past decade, the company primarily entered the Indian market through partnerships with local retailer Nykaa. Nevertheless, Amorepacific is now strategizing to utilize the extensive distribution networks of the Tata Group and Reliance to broaden its presence.

“We have high expectations from the Indian market,” said Lee. “While we have a very strong partnership with Nykaa, we are now also building profound partnerships with Tata, Reliance, and other multibrand retailers like Lifestyle and Sephora.”

The cosmetics and beauty giant is in the final stages of securing distribution contracts for its Laneige products in Sephora stores.

According to Lee, the company presently operates 80 multi-brand outlets in India and intends to triple this number to reach 240 within the next 3-4 years.

The decision to broaden its presence through multi-brand outlets represents a departure from the company’s previous approach of establishing exclusive stores. As part of this shift, the company has closed approximately 20 exclusive outlets and currently maintains only two within the Delhi-NCR region.

Lee also said that plans to roll out more exclusive stores are on hold. “That is because we believe the trend of offline as a channel of beauty has shifted to multibrand concepts, similar to what we see in the West.”

“In India, we are also seeing a shift from what used to be a Nykaa-dominated market, both online and offline. Today, the likes of Tata CLiQ Palette, Reliance’s Tira, and big retailers Shoppers Stop and Lifestyle are expanding rapidly,” he said.

India’s contribution to Amorepacific’s group sales currently stands at under 5%. Nevertheless, Lee indicated that the company’s business in India has been experiencing remarkable annual growth, nearly reaching 25%. Lee anticipates that this growth rate will gradually taper down to around 15% due to fierce competition from both domestic and international brands, although this still exceeds the industry’s overall growth rate.

According to Euromonitor, India ranked as the world’s seventh-largest cosmetics market in 2020, with sales amounting to approximately $15.8 billion.

The market research firm anticipates that by 2024, India will rise into the top five cosmetics markets globally, with sales volume projected to increase by 8.3% to reach $21.6 billion.

Other than tapping the stores of local retailers, Amorepacific has also unveiled a new look for Innisfree to mark its 10th anniversary. “The rebrand also includes a refreshed website and much-awaited new product updates,” said Lee. It has introduced a new tagline that embodies the brand’s commitment to embracing nature and pioneering healthy beauty.

“Indian consumers are exposed to a lot of international brands. As for just the Korean brands, the count today stands at about 30–40,” said Lee, referring to the heightened competition in the beauty and cosmetics market.

However, despite these challenges, the budget-friendly skincare brand, Innisfree, has consistently maintained its top position among Korean brands in the Indian skincare market since 2015, according to Lee. He also noted that the brand commands a significant 15% share of the K-beauty market.

“We want to invest more in India to remain ahead of the competition,” said Lee. Amorepacific is also scouting for an Indian face to promote its brand. “In India, Bollywood has a big demand. So, we are in the process of tying up with a celebrity. We are already doing lots of promotions with the help of Indian models … So, more local collaborations would be the way forward.”

Anand Sweets launches its first store at Kempegowda Airport, offering authentic Indian delicacies

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September 20, 2023

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Anand Sweets, renowned as South India’s ultimate destination for delectable Mithai, unveiled its latest gem at Kempegowda International Airport Terminal 2 on September 12, 2023. Boasting a legacy of 34 years in crafting sweet, memorable moments, this new establishment offers an array of exciting offerings to international travelers. Among its unique features is the pioneering Artisanal Mithai Bar, an extensive collection of regional Mithai gifts adorned with augmented reality packaging, a tempting assortment of indulgences from across India, a live Mysore Pak Station, and an array of other enticing attractions.

Beyond its culinary offerings, this store seamlessly weaves together elements of art, culture, and technology that represent India on a global stage. It effortlessly integrates sustainability into its design philosophy, harmonizing with the airport’s commitment to eco-friendly practices.

Spanning across 550 square feet, the new outlet offers a captivating fusion of sensory shopping experiences and delectable encounters. What truly distinguishes this store from all other Anand Sweets establishments is the introduction of the Artisanal Mithai Bar, an innovative concept designed to deliver a personalized shopping journey. Visitors have the privilege of handpicking their favorite Mithai, choosing bespoke gift wrapping, and even including a personalized gift message, creating a truly unique and tailored experience. Among the array of contemporary Mithai options, travelers will find indulgences such as Hazelnut Nutella Melange, Almond Butterscotch Rocher, Hazelnut Coin, and Baked Almond Coconut.

Moreover, the store features a captivating live Mysore Pak station, promising travelers both a visual spectacle and an enticing culinary experience. Here, they can savor the delightful Karnataka delicacy, Mysore Pak, expertly prepared right before their eyes, adding an element of authenticity and flavor to their airport visit.

Delving into India’s rich cultural narratives and culinary delights, the new store is set to showcase an exquisite array of Mithai boxes and hampers, redefining the art of gifting for your loved ones. Choose from an enticing selection, such as the Karnataka Hamper, a curated ensemble featuring treats like Mysore Pak, Dharwad Peda, Pepper Cashews, and a unique Hampi artifact. Alternatively, opt for the distinctive Channapatna Mithai Box, which not only includes cherished handcrafted wooden toys but also a medley of Mithai selections from Mysore.

Furthermore, a diverse range of Mithai Boxes representing various regions, including Andhra Pradesh, Tamil Nadu, Kerala, Karnataka, and others, will be available. Each of these boxes will showcase packaging designs inspired by the distinctive motifs and aesthetics of their respective states and regions. As a special nod to the International Year of the Millet, a unique Mithai box will be offered, featuring delectable sweets expertly crafted using this nutritional superfood.

The most enchanting facet of offering these Mithai boxes as gifts is the integration of augmented reality directly into the packaging. Through the use of a smartphone or tablet, recipients can transcend cultural boundaries as they scan the packaging, unveiling entirely new dimensions of the design. This augmented reality experience will be an exclusive feature, accessible solely for the Channapatna Mithai Box and the Flavours of India Box.

The interior design masterfully melds traditional Karnataka craftsmanship with a contemporary aesthetic. It seamlessly incorporates elements from the captivating monochrome beauty of Bidri art, the intricate geometric clay patterns of Chittara, to the vibrant and contrasting wooden displays inspired by the Mysore Inlay technique. This amalgamation creates an ambiance that invites visitors on a captivating cultural voyage. A particularly noteworthy feature is the incorporation of cutouts that breathe life into the ancient art of shadow puppetry, a time-honored storytelling tradition that promises to enchant and captivate travelers. Sustainability takes center stage, with eco-conscious and recycled materials being conscientiously employed in the construction of the store.

“At Anand Sweets, our new store at Kempegowda International Airport Terminal 2 isn’t just a Mithai destination – it’s a convergence of technology, art, culture and sustainability. We’re thrilled to showcase India’s essence on a global canvas, perfectly in tune with T2’s design philosophy. This isn’t just a store; it’s an invitation to a journey that bridges cultures, celebrates flavours, and embraces innovation. The new store would allow travellers to experience the heart of India in a whole new way where one can take home a memorable experience of the taste of royal India,” said Arvind Dadu, Managing Director at Anand Sweets & Savouries.

IICA collaborates with Embassy of Spain to introduce ICEX Spanish Pantry Program in India

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September 20, 2023

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The leading culinary institution in India, the International Institute of Culinary Arts (IICA) in New Delhi, has revealed a collaborative venture with the Economic and Commercial Office of the Embassy of Spain in New Delhi. Together, they are set to introduce the ICEX Spanish Pantry Program in India.

The partnership was formalized on September 11, 2023, through the signing of a Memorandum of Understanding (MOU) by Arjun S Datta, Managing Director and COO of IICA, and Lucía Paternina, Chief Economic and Commercial Counsellor at the Economic and Commercial Office of the Embassy of Spain in New Delhi, alongside other officials from both sides.

Prominent figures in attendance at the event comprised Virender S Datta, the founder and chairman of IICA, Victor Sinovas, the Commercial Attaché from the Embassy of Spain in New Delhi, as well as Clara Antúnez and Diego Moreno, both serving as International Trade and Investment Advisors at the Embassy of Spain in New Delhi.

The ICEX Spanish Pantry Program is the first course to offer complete immersion in the most emblematic food products found in a Spanish pantry. It is designed for professionals in the food and beverage sectors who wish to explore the quality, variety, and authenticity of Spain’s food products, as well as their culinary uses.

Delivered entirely in English through an online platform, this course encompasses a wide range of subjects, including olive oil, cheese, wine, ham, saffron, paprika, and more. Additionally, it includes instruction in both traditional and contemporary Spanish culinary techniques and recipes.

As part of their curriculum and ongoing professional development, students and faculty members at IICA will enjoy exclusive access to this course.

“The partnership is a significant step for IICA and its mission to provide world-class culinary education in India,” said Datta.

He expressed that the program will enhance the knowledge and skills of IICA students and faculty members, while also fostering awareness and a deep appreciation for Spanish cuisine among consumers in India.

Paternina emphasized that the partnership underscores the robust bilateral ties between Spain and India, particularly within the gastronomic realm. She pointed out that the program will shine a spotlight on the variety and opulence of Spanish food products and culture while promoting collaboration and knowledge exchange between culinary professionals from Spain and India. The inaugural session of the ICEX Spanish Pantry Program is slated to commence at IICA, New Delhi, in October 2023.

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