United Breweries announces Vivek Gupta as new Managing Director and CEO

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September 7, 2023

In a stock exchange filing on Thursday, the board of directors at United Breweries, under the control of Heineken, gave their approval for the appointment of Vivek Gupta as the company’s Managing Director and Chief Executive Officer, effective from September 25th.

Gupta will serve as the Managing Director and Chief Executive Officer of UBL for a duration of five years.

Rishi Pardal resigned from the position of CEO earlier this year in February and had been in his six-month notice period. Since its acquisition of UBL in July 2021, the Dutch multinational brewing company Heineken NV has been actively integrating UBL into its operations.

Gupta, 47, holds an engineering degree and a Master’s in business management from IIM, Ahmedabad. Before joining UBL, he served as the Chief Business Officer at Udaan.com. Additionally, Gupta has had the experience of working as the Managing Director for P&G’s Australia and New Zealand business.

In a statement, the company highlighted that Gupta’s extensive background encompasses a wealth of experience in commercial and leadership positions within multinational corporations and emerging startups. He has worked across international markets and in India, cultivating a profound understanding of go-to-market channels and successfully managing intricate businesses in both traditional and digital landscapes.

He will assume the lead in driving the premiumization of UBL’s portfolio, with a specific emphasis on fortifying the iconic stature of Kingfisher, according to the statement.

“We are thrilled to have Vivek lead UBL at such a critical time. We recognize his resilience in building businesses and brands at a fast pace and in a complex environment,” Jacco van der Linden, Regional President APAC of Heineken, and Member of the UBL Board, said.

In the first quarter ending June 2023, the beer maker witnessed a decrease of 16.09 percent in its consolidated profit, which amounted to INR 136.34 crore. This decline was attributed to supply constraints, reduced inter-state sales, and the ongoing inflationary pressures. In comparison, during the same April-June quarter the previous year, the company had recorded a net profit of INR 162.50 crore.

During the quarter under review, UBL’s revenue from operations remained nearly unchanged at INR 5,243.01 crore, a marginal increase from INR 5,196.08 crore in the corresponding period of FY22.

As of 13:00, UBL’s shares were experiencing an uptick of more than 4 percent, in contrast to the relatively stable performance of the benchmark indices.

G20 Summit in New Delhi to dazzle with bespoke silverware and gold-plated utensils

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September 7, 2023

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silverware g20 — The silverware will showcase exquisite designs inspired by India's rich cultural heritage.

India is all set to host a grand G20 Summit in New Delhi on September 9 and 10 at the Bharat Mandapam in Pragati Maidan. The national capital will see world leaders and heads of international organizations taking part in the global event. Adding to the allure of this momentous gathering, it has now been unveiled that delegates attending the G20 Summit will enjoy their meals using intricately carved bespoke silverware and gold-plated utensils.

The silverware will showcase exquisite designs inspired by India’s rich cultural heritage. The majority of these utensils will incorporate a base of either steel or brass, sometimes even a combination of both, enhanced with a delicate silver coating. Notably, certain pieces designated for serving welcome drinks will be luxuriously adorned with gold plating.

The news agency ANI has shared a video displaying the utensils intended for use by the summit delegates. This footage provides a glimpse of the various types of silverware set to grace the official luncheons and dinners during the summit.

#WATCH | Delhi: Delegates of the G20 Summit to be served in silverware and gold utensils pic.twitter.com/1f2Zm0wGTL
— ANI (@ANI) September 6, 2023

Iris Jaipur, a renowned metalware company, informed PTI that it had secured orders from numerous upscale hotels. These orders were for crafting tailor-made silverware and tableware exclusively intended for foreign guests residing at these prestigious establishments.

Laksh Pabuwal, the owner of the metalware company located in Jaipur, disclosed that a team of 200 skilled artisans meticulously handcrafted a staggering 15,000 pieces of silverware exclusively for the G20 Summit. The collective effort consumed a grand total of 50,000 working hours to bring these exceptional products to fruition.

“The tableware and silverware depict the glorious cultural heritage of India, motifs of flowers, peacocks, and our national animal grace the plates, and other items. And, the silverware will dazzle the Heads of State with their cultural sparkle, and they will see it and exclaim wow,” Pabuwal told PTI.

Rajesh Pabuwal, the proprietor’s father, emphasized that the silverware was both produced and artistically designed within India. Highly skilled craftsmen hailing from diverse regions such as West Bengal, Uttar Pradesh, Karnataka, and beyond contributed their expertise to this remarkable project. These exquisite items symbolize a dedicated commitment to advancing the ‘Make In India’ initiative initiated by the government under the leadership of Narendra Modi.

During the G20 Summit scheduled from September 8 to 10, Delhi will undergo a series of restrictions. Within the New Delhi region, all commercial establishments, educational institutions, banks, and private offices will remain closed, except for essential services.

The Delhi Police has clarified that vital services such as hospitals, pharmacies, as well as dairy and vegetable vendors, will continue to operate during this period.

The 18th G20 Summit will witness the participation of prominent leaders, including US President Joe Biden, Canadian Prime Minister Justin Trudeau, British Prime Minister Rishi Sunak, Japanese Prime Minister Fumio Kishida, and Australian Prime Minister Anthony Albanese.

Swiggy’s Senior VP of Revenue and Growth, Anuj Rathi, steps down after seven years

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September 7, 2023

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Anuj Rathi, who served as the Senior Vice President (SVP) of Revenue and Growth at Swiggy, has tendered his resignation following a tenure of over seven years with the food-delivery startup.

“After a career-defining journey of seven years with Swiggy, I’ve decided to hang up my boots here,” Rathi said in a LinkedIn post on September 7.

This resignation represents the most recent in a series of high-level departures from the Bengaluru-based company. As previously reported in May, Ashish Lingamneni, the Vice President (VP) responsible for Brand and Product Marketing, and Nishad Kenkre, the VP overseeing Revenue and Growth at Instamart, also decided to part ways with the organization.

Aparna Giridhar assumed Lingamneni’s role, and Sreeram Suresh stepped into Kenkre’s position.

Back in April, Chief Technology Officer Dale Vaz had similarly resigned with the intention of launching his own wealth technology company. According to a report by Moneycontrol, Vaz has secured funding in the range of $7-10 million from Accel and Elevation Capital for his new venture.

“I’ve been privileged to lead some of the best individuals across a variety of teams – product management, growth marketing, pricing, discounting…meat and alcohol delivery. I’m glad to have played a small role in your professional journeys. It’s the most precious gift that I take away,” Rathi’s post said.

Prior to his role as Vice President at Swiggy in 2016, Rathi held positions at Snapdeal, Walmart, and Flipkart. Altogether, he possesses over 18 years of professional experience.

His future plans and next career move were not immediately disclosed. “… A few days before I finalise my next steps,” Rathi said.

His exit coincides with Swiggy’s announcement that its food delivery division achieved profitability in March, considering all corporate expenses except for employee stock option (ESOP) costs.

To pave the way toward profitability, the company has implemented a “platform fee” for all food deliveries, including members of its loyalty program.

It initiated the imposition of a platform fee of INR 2 in April and is currently raising it to INR 5 in specific instances.

Zomato, Swiggy’s competitor, followed a similar strategy by introducing a Rs 2 platform fee in August, and it is currently conducting tests with higher amounts in specific situations.

Established in 2014, Swiggy has garnered more than $3.5 billion in investments from various investors, including Prosus, SoftBank, GIC, QIA, and numerous others.

Its most recent valuation stood at $10.7 billion, although it has experienced fluctuations with investors initially lowering and subsequently raising its valuation amid the global turmoil in tech stocks.

The fluctuations in valuation coincide with Swiggy’s preparations for an upcoming market debut, anticipated to occur sometime next year. The company has selected ICICI Securities and JP Morgan as its advisors and aims to raise approximately $1 billion.

Mainland China unveils its newly revamped outlet in Powai, blending authentic Chinese flavors with creative cocktails and exciting DJ nights

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September 7, 2023

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Mainland China is thrilled to unveil its recently refurbished Powai, Mumbai branch, which has been serving its loyal clientele in the vicinity for over two decades.

The menu presents a fusion of flavors hailing from China’s Sichuan, Cantonese, and Hunan regions. In homage to its heritage, the menu reintroduces dishes from its inaugural offering, seamlessly blending customer favorites with inventive new creations.

The menu will encompass a diverse range, spanning from dumplings to sushi, seamlessly incorporating the finest selections from its sister brand, Asia Kitchen by Mainland China.

This fusion of flavors not only enhances the fresh menu but also facilitates a collaborative effort to authentically promote and deliver an exploration of Chinese cuisine.

A meticulously crafted cocktail menu complements the culinary offerings, with each cocktail serving as a testament to creativity and artisanal skill.

Avik Chatterjee, the Executive Director at Speciality Restaurants, expresses, “Mainland China’s transformation is a tribute to the trust and devotion of our customers throughout the years. We are enthusiastic about unveiling a renewed atmosphere, a creative bar, and a menu that pays homage to the past while embracing the future.”

He further adds, “Our latest establishment in Powai is more than just a restaurant; it’s an encounter that seamlessly blends tradition with a modern twist.”

As part of its recent relaunch, Mainland China Powai will introduce exciting DJ nights every Friday and Saturday, transforming the venue into a vibrant hub for weekend enthusiasts.

SkinnyDipped successfully raises $12 Million in Series A funding round

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September 7, 2023

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SkinnyDipped, the snack manufacturer, secured $12 million in a Series A funding round, with backing from several prominent figures in the world of sports and entertainment.

Established by the mother-daughter team of Val and Breezy Griffith, SkinnyDipped specializes in a range of lightly coated cashews, almonds, peanuts, and low-sugar chocolate treats available in over 25,000 stores across the United States, including major retailers like Target, Walmart, and Kroger. The secured funding will be allocated towards ongoing retail expansion efforts, including upcoming launches in stores like Costco and Publix, as well as advancing new product development initiatives.

“Our journey to this milestone has been challenging, energizing and full of passion from all involved,” said Breezy Griffith, chief executive officer. “But the real gift has been my discovery of just how much consumer, industry and investor sentiment exists for SkinnyDipped, for which I’m so grateful and proud. Our eclectic and diverse portfolio of investors blows my mind — from A-list artists to uber-athletes — there’s just this crazy love for the brand across the board.”

The Series A funding round was spearheaded by David Grutman, a hospitality entrepreneur based in Miami. It saw substantial participation from numerous individual investors, including notable figures such as Amy Schumer, Mark Wahlberg, Becky G, Post Malone, Tan France, Odell Beckham Jr., Frances Tiafoe, Alesso, Kevin Durant, Kaskade, Steve Aoki, Marshmello, Sebastian Ingrosso, Shep Gordon, Mack Maine, Bruno Soares, Rebeca León, Two Friends, Isabela Grutman, Ryan Tedder, Loren Ridinger, Sal XO, Joel McHale, Gary Brecka, Charissa Davidovici, Guy Oseary, Rich Kleinman, Mo Shalizi, Zepito, and many others.

“I am really impressed by what Breezy and Val and the SkinnyDipped team have achieved,” said Mr. Grutman, an owner and partner in several restaurants and nightclubs. “What they’ve created is amazing. They make the best snacks ever, first of all, and they continue to impress me with all sides of the business. I’m excited to lead this round, and I’m even more excited for what these investors and I are about to do together.”

Tata Consumer Products shares fall 3% following denial of Haldiram’s acquisition

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September 7, 2023

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Tata Consumer Products (TCPL) witnessed a 3 percent decline in its share price, dropping to INR 853.85 on the BSE during Thursday’s intra-day trading session. This decline followed the company’s official denial of news reports suggesting discussions regarding the acquisition of a stake in the Indian food snack chain Haldiram’s. Interestingly, in the previous session, TCPL’s stock had surged by over 4 percent in response to the initial reports indicating its interest in Haldiram’s.

On September 6, Reuters disclosed that Tata Consumer Products was in discussions to purchase a minimum of 51 percent ownership in Haldiram’s. Nevertheless, it was revealed that Tata Consumer Products had reservations regarding the $10 billion valuation that was being sought during the negotiations.

On clarification on the news report, TCPL said that the company is not in negotiations as reported. “However, the company evaluates various strategic opportunities for growth and expansion of the business of the company, on an ongoing basis. The company will make appropriate announcements, as and when any such requirement arises,” Tata Consumer said.

In an exchange filing, the Tata Group company denied the report. “The company is not in negotiations as reported in the above-referred news article,” said Tata Consumer Products in the filing, referring to the report.

Haldiram’s also refuted these claims on CNBC-TV18.

During the past six months, TCPL’s stock has demonstrated strong performance, outpacing the market with a remarkable 19 percent increase, compared to the modest 9 percent rise observed in the S&P BSE Sensex. However, over the past year, it has exhibited relative underperformance, with a gain of only 4 percent as opposed to the robust 11 percent rally witnessed in the benchmark index.

TCPL operates in the consumer product industry, with its core activities encompassing trading, manufacturing, and distribution. Its product portfolio primarily includes items such as tea, coffee, water, salt, pulses, spices, snacks, and ready-to-eat packaged foods, all of which fall under the umbrella of the branded business segment. The Group’s branded business operations are primarily focused in regions including India, Europe, the United States, Canada, and Australia.

On the other hand, TCPL’s non-branded plantation business is primarily located in India, while its tea and coffee extraction ventures are predominantly situated in India, Vietnam, and the United States.

According to Tata Consumer Products’ FY23 annual report, the organized Indian food and beverage market is projected to experience a growth rate ranging from 10 to 15 percent over the next five years. However, the past 6 to 12 months have witnessed significant inflation in input costs, driven by rising commodity prices, which have had an impact on overall demand trends. This impact has been particularly notable in rural markets.

ICICI Securities analysts are of the opinion that the market share decline of 110 basis points (bps) in India Tea and 30 bps in India Salt should be viewed as a temporary setback, mainly due to the impact on North India, a crucial market. They anticipate a rebound in market share in FY24-25, driven by various strategic measures, including distribution enhancements, an extended regionalization strategy in Jharkhand and Odisha, and significant investments in innovation, all of which the brokerage firm has factored into its models.

From Chaat to Mughlai: Delegates at G20 Summit to savor India’s rich culinary heritage

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September 7, 2023

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Distinguished leaders from across the globe, slated to participate in the upcoming G20 Summit in Delhi this weekend, are in for a sumptuous vegetarian feast that embodies the opulent culinary heritage of India.

As per a senior official cited by the news agency PTI, delegates will have the opportunity to savor the flavors of North Indian Mughlai cuisine, South Indian culinary traditions, and tantalizing chaat dishes from various regions across the country over a three-day period starting Friday.

The grand event is scheduled to take place at the recently constructed international convention and exhibition center called “Bharat Mandapam” within Pragati Maidan, from September 9 to 10.

Prior to the G20 Summit 2023, the Nigerian delegation arrived in New Delhi on Tuesday, with the rest of the leaders set to commence their arrivals from Thursday evening onwards.

According to the PTI report, attendees of the G20 Leaders’ Summit will have the opportunity to enjoy a diverse selection of street food and inventive dishes incorporating millets. In addition, the prominent leaders and delegates will have the chance to savor the gastronomic treasures of Chandni Chowk in Old Delhi, celebrated for its Indian street food offerings.

Millets have consistently featured on the G20 meeting menu since India assumed the presidency on December 1st of the preceding year.

The hotels accommodating world leaders and delegates will also offer creative dishes centered around millets.

US President Joe Biden, UK Prime Minister Rishi Sunak, French President Emmanuel Macron, Australian Prime Minister Anthony Albanese, German Chancellor Olaf Scholz, Japanese Prime Minister Fumio Kishida, and Brazilian President Luiz Inacio Lula da Silva are among the prominent leaders slated to attend this multinational event.

Although Russian President Vladimir Putin’s attendance remains unconfirmed, Chinese President Xi Jinping has decided not to participate. Instead, Premier Li Qiang will lead the Chinese delegation at the G20 Summit.

Jones Food Company unveils vertically farmed British salad range

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September 7, 2023

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The UK-based vertical farming firm, Jones Food Company, has introduced a fresh British salad line under the brand name “Homegrown.”

Homegrown’s latest collection, featuring three varieties of salad bags, has been introduced in Asda supermarkets. This milestone marks Homegrown as the first British retailer to offer a vertically farmed packaged salad range on such a significant scale.

The selection consists of three distinct products: Mixed Salad, Rocket, and Hot & Peppery Cress.

James Lloyd-Jones, CEO of Homegrown’s owner, Jones Food Company, said, “We are thrilled to be able to launch Homegrown with Asda. They, like us, understand that growing produce vertically can have significant sustainability benefits. All of our salad is entirely British grown which results in fewer food-miles than salad flown in from around the world, is grown using only renewable energy and uses 90% less water than plants, which have been more traditionally produced. We can harvest our crops in one day and deliver into supermarket depots the next, so the freshness is guaranteed.”

Dom Edwards, Asda produce director, added, “We’re delighted to be the first British retailer supplying a vertically farmed bagged salad range at this kind of scale, enabling customers to buy nationally and online. As well as clear sustainability benefits, the salad leaves aren’t subject to adverse weather – resulting in better availability and more consistent quality for our customers.”

You can now buy the freshly harvested vertically farmed salad bags at Asda stores across the country.

Bill Gates buys $95 Million stake in AB InBev amidst controversies

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September 7, 2023

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Bill Gates, the prominent American business mogul, has secured ownership of 1,703,000 shares in AB InBev through his charitable institution, the Bill & Melinda Gates Foundation Trust.

At present, the approximate valuation of these shares stands at around $95 million.

This investment demonstrates trust in the global brewer’s capacity to navigate its ongoing challenges, despite the company being entangled in controversy throughout this year.

Since April 1st, the Bud Light brand in the United States has faced criticism after forming a limited partnership with transgender influencer Dylan Mulvaney. Mulvaney promoted the beer brand in a video on the social media platform Instagram, celebrating a college basketball tournament organized by the National Collegiate Athletics Association. This sponsorship resulted in calls for a boycott of Bud Light by conservative groups.

In addition to his acquisition of 10.8 million shares (constituting a 3.8% stake) in the global beer giant Heineken in February of this year, the entrepreneur has now made this recent investment. Bill Gates individually acquired 6.65 million shares in Heineken Holding, while the Foundation procured 4.18 million shares, with a combined estimated value of €883 million.

AB InBev chose not to provide a comment.

Delhi High Court directs restaurants to replace ‘service charge’ with ‘staff contribution’ and imposes 10% cap on bills

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September 7, 2023

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In a significant judgment, the Delhi High Court has mandated that the Federation of Hotel and Restaurant Association of India (FHRAI) must substitute the widely employed term ‘service charge’ with ‘staff contribution’ on restaurant bills. According to a report by TOI, this ruling also includes a provision that limits this charge to a maximum of 10% of the total bill amount.

Justice Prathiba M Singh, who presided over the case, underscored the requirement for all FHRAI-affiliated establishments, encompassing restaurants and hotels, to conspicuously feature a notice on their menu cards. This notice will explicitly convey to customers that gratuity is not compulsory once the staff contribution has been settled.

The interim directive from the Delhi High Court stems from a joint plea submitted by both the FHRAI and the National Restaurant Association of India (NRAI). They contested the regulations introduced by the Central Consumer Protection Authority (CCPA). Among these provisions, the CCPA discourages the automatic inclusion of a service charge on invoices. Additionally, the CCPA informed the court that certain restaurants have been imposing a service charge as high as 20%.

As reported by Bar & Bench, “The Delhi High Court was informed that while FHRAI agreed to change the terminology, NRAI has not.”

The case is set for additional proceedings on October 3, at which point it is anticipated that more clarity regarding this issue will be forthcoming.

It’s important to highlight that the Central Consumer Protection Authority (CCPA) issued comprehensive guidelines to hotels and restaurants regarding the collection of service charges last year. These guidelines explicitly stated that “service charge shall not be collected by adding it along with the food bill and levying GST on the total amount.” In response, the NRAI maintained its position that imposing a service charge is not illegal. They argued, “Guidelines, by their very nature, are merely for guidance, and if there is a need for such a change, it must be accomplished through either new legislation or an amendment to existing laws. Neither the government nor any authority can interfere with a business owner’s decision in this matter. These repeated guidelines appear to be an attempt to initiate a campaign against the restaurant industry’s practices without a legal basis.”

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