William Grant & Sons expands its portfolio with acquisition of Silent Pool Distillers, boosting global reach of ultra-premium gin

News

By

-

September 15, 2023

William Grant & Sons has expanded its portfolio by acquiring Silent Pool Distillers, welcoming the renowned UK gin producer into its family of brands, which already features Hendrick’s gin.

The family-owned spirits conglomerate stated that Silent Pool’s gin production will continue to take place at the distillery located in the Surrey Hills, which is now part of their new asset.

William Grant intends to enhance the visibility of what a representative from the company referred to as Silent Pool’s “artisanal craft spirit” across Europe, North America, and the Asia-Pacific region.

Established in 2014 by Ian McCulloch and James Shelbourne, this “ultra-premium” gin is currently available in over 30 countries.

McCulloch, Silent Pool’s MD, said, “With William Grant & Sons’ global reach and brand-building expertise, there is no better partner to help drive the next chapter of Silent Pool Gin’s history.”

The product range of Silent Pool encompasses their signature gin, boasting a 43% alcohol by volume (abv), as well as Wry vodka. Additionally, the company markets gin and vodka under the Green Man Wildwood label, with these spirits packaged in eco-friendly cardboard bottles.

In 2022, William Grant disclosed annual revenues totaling £1.4 billion ($1.55 billion), reflecting a year-on-year growth of 12%. Approximately one-third of this revenue was generated in the United States.

In 2022, Paul Basford, the President of William Grant & Sons in the United States, remarked, “Gin in the US is significantly less developed compared to other markets. It is continuing to nip away at vodka, targeting those drinkers at the premium-plus end of the segment. That is where the growth is and that is where we will continue to play. In the US you also have the famous Martini culture, which drives a lot of gin consumption.”

Nestlé secures top position in 2023 Coffee Brew Index for outstanding sustainability practices

News

By

SnackTeam

-

September 15, 2023

0

Nestlé has claimed the top spot for coffee sustainability in the recently released 2023 Coffee Brew Index featured within the Coffee Barometer report. This accolade underscores Nestlé’s robust and all-encompassing approach to coffee sustainability. The report commends Nestlé for its integrated strategy, which harmoniously integrates social, environmental, and economic considerations into its coffee production policies, objectives, and initiatives. Additionally, Nestlé’s commendable commitment to investing in sustainable coffee practices is duly recognized within the report.

David Rennie, Nestlé’s head of Coffee Brands, said, “This is recognition for our long-term commitment to coffee sustainability. Through our flagship programs, the Nescafé Plan and the Nespresso AAA Sustainable Quality program, we are working every day with coffee farmers to help ensure that the farming and production of coffee is sustainable and socially and economically inclusive. We are committed to continuously progress and bring new approaches to sustainable coffee farming.”

The 2023 Coffee Brew Index, with support from Solidaridad and Conservation International and under the coordination of Ethos Agriculture, marks its debut publication within the Coffee Barometer’s biennial report. This index offers a thorough evaluation of the sustainability approaches adopted by the world’s foremost 11 coffee roasters.

Sugar stocks surge as Maharashtra crop forecast dips 14%, boosting investor optimism

News

By

SnackTeam

-

September 15, 2023

0

Sugar stocks, represented by companies like Dalmia Bharat Sugar, Balrampur Chini Mills, Triveni Engineering, Dwarikesh Sugar, and Shree Renuka, saw a significant uptick in their values on Thursday. This surge was attributed to a noteworthy development in the market. Authorities had just revised their projections for Maharashtra’s crop output in the 2023–2024 season, slashing it by 14%. This reduction marked the lowest production forecast for the region in four years, according to insights shared by a market research analyst.

Additionally, it’s worth noting that Maharashtra, responsible for a significant one-third of India’s sugar production, is anticipated to generate only 9 million metric tonnes of sugar in the upcoming 2023/24 season, a reduction from the 10.5 million tonnes produced in the previous year, 2022-23. This decrease has the potential to drive up sugar prices in both the domestic and international markets, which has ignited optimism among investors in sugar-related stocks, as observed by Vaibhav Vidwani, a Research Analyst at Bonanza Portfolio.

As the closing bell rang, the majority of sectoral indices showed positive performance, with Nifty PSU Bank and Nifty Metal leading the pack with gains of 1.64% and 1.49%, respectively.

UPL, Hindalco, Mahindra and Mahindra, ONGC, and Divis Lab emerged as the top gainers on the Nifty index, while Asian Paints, HDFC Life, Coal India, Britannia, and LTI Mindtree were among the notable losers.

India has no immediate plans to abolish wheat import duty, confirms govt official

News

By

SnackTeam

-

September 15, 2023

0

India has no immediate plans to abolish the import duty on wheat; however, it is poised to reduce the limit on the quantity of wheat stocks that traders and millers can retain, as indicated by Food Secretary Sanjeev Chopra in his recent announcement to reporters on Thursday.

Last month, a government official stated that New Delhi was contemplating a reduction or potentially the complete elimination of the existing 40% import tax on wheat as a measure to increase wheat supplies.

Chopra announced that India is prepared to release additional wheat stocks into the open market if necessary to control prices during the upcoming festive season.

“There’s adequate availability of wheat, rice and sugar in the country but some unscrupulous elements are trying to take advantage of rumours about supplies,” he added.

Wheat prices are currently hovering close to their highest point in seven months, and on Thursday, sugar prices reached their highest level in six years.

Chopra stated that the country currently holds 8.5 million tonnes of sugar, which is adequate to meet demand for more than three and a half months.

“Despite sufficient stocks, a sense of artificial shortage is being created in the country,” he said.

“The government is fully prepared to meet festival demands for rice, wheat and sugar,” he stated.

India ranks as the second-largest producer of both sugar and wheat globally.

He mentioned that edible oil prices have decreased in recent weeks, following trends in international markets. However, there are no plans to increase the import duty on edible oil.

Dunzo turns to payroll financing app OneTap for August salary payments amid financial strain

News

By

SnackTeam

-

September 15, 2023

0

Dunzo, the beleaguered hyperlocal delivery firm, announced on Wednesday that it will be using the payroll financing app OneTap to make salary payments for August, according to individuals with knowledge of the matter.

In an internal communication, employees were instructed to download and register on the app, and complete a Know Your Customer (KYC) form to facilitate the receipt of their payments. The financially constrained company mentioned that employees can anticipate receiving their salaries either on Thursday or Friday. However, there was no information provided regarding the outstanding salaries for June and July.

Requests for comments on the salary payments via OneTap went unanswered by Dunzo.

“Please be assured that this partnership is between Dunzo and OneTap, and hence, all repayment liability rests solely with Dunzo. For team members, this will be treated as a regular salary credit with no interest or repayment obligations.” the firm said in an email to employees on Wednesday.

SnackFax reported on Saturday that Dunzo had once again postponed the disbursement of August salaries to several employees, despite their earlier commitment to settle them by the end of the preceding week.

Over the last eight months, the Reliance-backed company has terminated nearly 400 employees. Additionally, Dunzo is currently entangled in legal disputes with prominent entities such as Google India, Koo, and Glance, all related to pending vendor payments.

Also Read: Legal troubles mount for struggling Dunzo as companies seek payment resolution

On August 22, SnackFax reported that Dunzo has been facing difficulties in securing funding due to a cash shortage. The discord among stakeholders over valuation disparities has emerged as a major point of contention among investors.

FSSAI lodges 1,411 prosecution cases against food businesses in violation of safety regulations since April

News

By

SnackTeam

-

September 15, 2023

0

The Food Safety and Standards Authority of India (FSSAI) said on Thursday that it has initiated 1,411 prosecution cases against food business operators (FBOs) who have been found to be in breach of food safety regulations since April. In a statement, FSSAI emphasized its strong commitment to enforcing food safety laws and taking decisive measures against violators.

“According to the records, 1,411 prosecution cases have been initiated against FBOs found violating the provisions of the Food Safety and Standards (FSS) Act, 2006, since April 1, 2023,” it said.

The prosecution launched against the FBOs encompasses various violations, such as conducting food-related activities without a valid license and producing or selling food that is deemed unsafe.

Since the start of this fiscal year, a multitude of food items spanning diverse categories, including milk and dairy products, spices, packaged drinking water, nutraceuticals, sauces, pickles, chips, jaggery, and more, have undergone rigorous testing to verify their adherence to product standards and safety protocols.

In collaboration with state and union territory food authorities, the Food Safety and Standards Authority of India (FSSAI) maintains an ongoing vigilance over the quality and safety of food products, ensuring the well-being of consumers across the nation through the collection and analysis of samples.

Food business operators (FBOs) who are found to be in breach of the regulations are subject to penalties and legal consequences as stipulated in the Food Safety and Standards Act of 2006.

The regulatory authority has recommended that all food business operators adhere to the food product standards set by FSSAI and maintain safe and hygienic manufacturing practices for food products.

“Any non-compliance may result in strict action against the violating FBOs,” FSSAI said.

MiniKlub strengthens its footprint in Kerala with a new retail store for kids

News

By

SnackTeam

-

September 15, 2023

0

MiniKlub, the leading babywear brand in India, celebrated the opening of its latest retail store in Trivandrum, Kerala. This freshly unveiled establishment boasts a wide array of meticulously designed clothing and baby care essentials, specially curated for infants and children up to eight years old, ensuring their safety and comfort.

MiniKlub provides a comprehensive range of products, including newborn essentials, baby clothing, kids’ fashion, footwear, toys, travel accessories, baby care necessities, and more, all conveniently accessible in one location. This extensive selection makes it the top choice for city parents looking for quality and convenience.

Founded in 2013, MiniKlub, a member of the First Steps Babywear family, has swiftly emerged as a dynamic omni-channel brand. It has forged a robust presence in over 450 multi-brand stores, prominent e-commerce platforms, and a network of exclusive brand outlets, both physical and digital. Operating across 26 cities and boasting 45 exclusive brand stores, MiniKlub dedicates meticulous attention to designing its products, with a paramount focus on the comfort and safety of infants and children. The brand also takes pride in its unwavering commitment to sustainable manufacturing processes, ensuring that only the highest-quality items find their way to the market. Moreover, MiniKlub’s offerings are readily accessible through various multi-brand retailers and major e-commerce platforms, including Amazon, Myntra, Flipkart, and Ajio.

MiniKlub expands its presence throughout India via its dedicated e-commerce platform, miniklub.in, offering customers convenient access to its wide array of babywear and childcare products.

French gourmet flavors giant Georges Monin invests INR 300 Crore in Hyderabad for new manufacturing facility and Indian HQ

News

By

SnackTeam

-

September 15, 2023

0

The prominent French gourmet flavorings company, Georges Monin SAS, has secured an investment of INR 300 crore to establish its eighth global manufacturing facility and establish its Indian headquarters in Hyderabad.

The INR 300 crore investment marks the initial phase of the project, which is set to occupy 40 acres of land in Gunthapally, Sangareddy. This development is anticipated to generate approximately 100 new job opportunities, as confirmed by Monin President Olivier Monin during Wednesday’s announcement. It’s worth noting that Hyderabad is already home to the company’s 111-year-old legacy, housing 60 employees engaged in research and development as well as sales and marketing functions.

The groundbreaking ceremony for the facility took place on Wednesday, and it is projected to be fully operational by the close of 2025. This facility will specialize in the production of syrups, fruit mixes, and crush products, primarily serving the HORECA (hotels, restaurants, and cafes) segment.

In Phase-1, Monin is set to construct a facility spanning over 2 lakh square feet. This facility will serve as the home for Monin’s Indian headquarters, alongside accommodating its R&D center and manufacturing unit. Its primary focus will be to cater to the demands of both the Indian and South Asian markets.

Approximately 90% of the production will be directed towards the Indian market, with the remaining portion destined for Sri Lanka, Bangladesh, and Nepal, as elaborated by him.

While Monin refused to divulge production capacity details, he said, “once ready we will be able to produce 5-7 times what we are selling in India currently. For the company, India represents about 5-7 percent of global sales but within the next 7-10 years it should reach around 20 percent of our global sales.”

Stating that their current revenue from India is INR 100 crore, he mentioned that Monin is now concentrating on developing flavors specifically tailored for the Indian market.

During the event, IT Minister KT Rama Rao encouraged Monin to consider making the facility a central hub not only for South Asia but also for the Middle East and South East Asia, while also exploring the possibility of increasing their investment beyond INR 300 crore. He noted that with Monin’s participation, Telangana’s food processing ecosystem has reached a higher level, adding to the growing list of investors in the state.

Naturals Ice Cream expands its footprint with a new store in Kolkata

News

By

SnackTeam

-

September 15, 2023

0

Mumbai-based ice cream chain Naturals has further extended its offline presence by recently opening a new store in Kolkata. This exciting development was shared by an official from the company via social media. The fresh outlet is now serving customers at Bangur Avenue, Lake Town, South Dumdum, Kolkata.

“We are happy to announce the new store at Bangur Avenue, Kolkata. Step in and immerse yourself in a world of exceptional flavours and cozy ambience,” said Varun Kumar, regional general manager at Kamaths Ourtimes Ice cream Pvt Ltd. in a LinkedIn post while sharing the images of the new store.

In March of 2023, the brand marked a significant milestone by commemorating the inauguration of its 150th store, which was located in Chandigarh.

Natural Ice Cream, also known as Naturals, is owned by Kamaths Ourtimes Ice Creams Pvt. Ltd., a Mumbai-based company. Its origins trace back to Raghunandan Srinivas Kamath, who pioneered the brand by opening its first 200 sq-ft store in Juhu’s Koliwada area.

As per the information available on the company’s website, Naturals Ice Cream presently boasts a network of more than 160 outlets spread across 15 states, including prominent locations such as Pune, Bengaluru, Delhi, Chennai, and Kolkata.

Naturals Ice Cream has gained renown for its minimalist advertising strategy, allocating less than 1% of its sales revenues to promotional efforts.

Swiggy strengthens position in Karnataka, extends reach to new cities and 4000+ eateries

News

By

SnackTeam

-

September 15, 2023

0

Swiggy, a prominent player in the food technology industry, has significantly broadened its presence in Karnataka by collaborating with more than 4,000 restaurants across the state. This strategic partnership aims to provide swift and efficient food ordering and delivery services to customers.

The company is extending its operations to encompass Ballari, Bijapur, Chikmagalur, Kalaburagi, Haveri, Sirsi, Kundanpura, and Koteshwar. This expansion complements Swiggy’s existing presence in cities like Bengaluru and Manipal, further reaching into places such as Mysuru. Through this strategic move, the company is striving to offer doorstep delivery of both local specialties and well-known restaurant brands to a wider customer base.

Among these are a diverse selection of renowned dining establishments, modern cafes, ice cream parlors, and Quick Service Restaurants (QSRs) from both national and international chains, all available in the cities across Karnataka.

“The expansion of operations will create both direct and indirect employment while supporting the local economy,” the statement said.

“Swiggy has continually strived to offer its users unmatched convenience. With our entry into these new cities in Karnataka, we are extending our world-class delivery services to a new group of eager customers. We’re excited to collaborate with local restaurants, supporting their growth and fostering employment opportunities for the local community,” said Sidharth Bhakoo, National Business Head, Food Marketplace, Swiggy.

Swiggy One members will enjoy a host of perks, such as unlimited free deliveries, exemption from surge fees, and exclusive offers, which will elevate their overall dining experience.

NewsHub