Amul has been designated as the official sponsor for the Indian Contingent participating in the 19th Asian Games scheduled to take place in Hangzhou, China, from September 23 to October 8, 2023.
Announcing Amul’s association, Jayen Mehta, In-charge Managing Director, Amul, said “Amul is delighted to announce its association with the Asian Games 2022 and the Indian Olympic Association. Milk is the world’s original energy drink, and every sportsperson nourishes their health with milk in any of its various forms such as ghee, butter, cheese or paneer among many others. Amul has partnered with Indian sportspersons through the Indian Olympic Association since the London 2012 Olympics for all Indian contingent to Olympics, Commonwealth Games and Asian Games and we are pleased to further strengthen our decade long relationship.”
In line with this partnership, Amul will incorporate the integrated logo into its communications to commemorate the achievements of the athletes.
The XIX Asian Games 2022, officially known as the 19th Asian Games Hangzhou 2022, is set to feature 482 events covering 40 sports. This continental multi-sport extravaganza, also known as Asiad, occurs every four years and gathers athletes from across Asia. Originally planned for the previous year, the event had to be postponed due to the COVID-19 pandemic.
The Indian contingent at the Asian Games will be composed of 634 athletes participating in 38 diverse sports, with the largest group of 65 athletes competing in athletics. In the previous edition held in Jakarta in 2018, India had sent a contingent of 570 athletes to compete across 36 sports, resulting in an impressive tally of 70 medals.
France is reconsidering a proposal to ban the use of animal-related terms for plant-based food products, such as ‘steak.’
In 2020, France’s Ministry of Agriculture initiated a move to prohibit the use of animal-related labels for products containing plant-based protein substitutes through a labeling law. The ensuing regulation was originally set to go into effect in 2022 but was temporarily halted by the Council of State, a judicial body in Paris, following appeals and feedback.
Endorsed by Marc Fesneau, the Minister of Agriculture and Food Sovereignty in France, following an examination of the Council of State’s recommendations, the fresh decree will become effective three months after the notification issued on August 23. However, it must receive prior approval from the European Commission.
In a statement released on September 4th, the Ministry indicated that “penalties” would be enforced in the event of non-compliance with the decree’s directives once it is put into effect.
Fesneau said, “This new draft decree reflects our desire to put an end to misleading claims as provided for by law, by using names relating to meat products for foodstuffs that do not contain them. It is an issue of transparency and loyalty which meets a legitimate expectation of consumers and producers.
“To maintain the bond of trust with consumers, labelling and its intelligibility are essential. This is the objective of this decree and of all government policy in this area.”
France’s draft decree applies to plant-based foods “manufactured and marketed on French territory”, or the promotion of such foods, and applies to the “use of names traditionally designating foodstuffs of animal origin”.
In response to the decree, Jasmijn de Boo, the CEO of the plant-based advocacy group ProVeg International, said the labelling rules are “counter-productive” and suggested consumers are not misled by animal-type descriptions on alternative-foods packaging.
“Plant-based foods are a vital key to solving the climate crisis as well as ensuring economic growth. Many meat and dairy companies themselves know this, which is why they are investing in both plant-based and animal-based foods, and in some cases switching to plant-based foods entirely,” de Boo said in a statement.
“Governments need to be actively promoting plant-based food, such as through subsidies and public procurement, not introducing restrictive measures.”
Suppliers of plant-based protein products will have three months to comply once the decree comes into force to “give operators time to adapt their labelling, as well as the possibility of marketing foodstuffs manufactured or labelled before its entry into force until stocks last, and at the latest one year from its publication”, the Ministry said.
Its products have already found their way onto the shelves of major UK supermarkets such as Tesco.
This, the UK plant-based meat business, has made its first foray into an international market by securing listings at the Netherlands’ largest supermarket group, Albert Heijn.
The London-based company characterized this step as a “significant achievement for the brand.”
Its products have already found their way onto the shelves of major UK supermarkets such as Tesco, where the company participated in its incubator program in 2020, as well as Morrisons and Sainsbury’s.
Starting September 11th, these products will be offered for sale in 430 Albert Heijn stores across the Netherlands. Dutch consumers will have access to four of the brand’s top-selling items: This Isn’t Beef Burgers, This Isn’t Chicken Pieces, This Isn’t Pork Sausages, and This Isn’t Streaky Bacon.
This is expressing strong confidence in its prospects in the Netherlands, citing a recent GFI report that highlighted the Dutch as having the highest per capita consumption of plant-based foods.
Last year, Albert Heijn pledged its support for the nation’s plant-based movement, with a goal to see 60% of protein consumption in the country sourced from plant-based products by 2030.
Andy Shovel, Co-Founder and Co-CEO of This, said, “This has been a huge undertaking for the business as we’ve worked to secure a really strong partnership with Albert Heijn with a four-strong range to launch into one of the hottest markets for plant-based globally.”
This said it is forecast to hit £20m ($25.1m) of revenue this year, more than 50% up on last year’s performance.
The company has leveraged crowdfunding to secure funding for its growth initiatives. Earlier this year, it successfully raised £15 million, earmarked for bolstering its research and development capabilities, streamlining its supply chains, and supporting its expansion efforts in international markets.
Ramee Group boasts an extensive network comprising over 40 contemporary hotels and luxurious serviced apartments.
Ramee Group is actively preparing to launch a multitude of food and beverage establishments and hotels across several Indian cities by the end of the year. This expansion initiative will encompass prominent destinations such as Bangalore, Pune, Mumbai, and Indore.
Ramee Group boasts an extensive network comprising over 40 contemporary hotels and luxurious serviced apartments. The company has witnessed exceptional growth this year and is on the verge of introducing 16 brand-new food and beverage outlets and hotels by the end of the year.
Of these, Pune will receive two, Bangalore will welcome four, Indore will see three, and Mumbai will accommodate six.
“As we embark on this new phase of expansion, we are driven by our commitment to create exceptional experiences and extend our legacy in the hospitality industry. The future is brimming with opportunities, and Ramee Group is set to illuminate new destinations with our unique blend of service and excellence,” stated Managing Director, Mr. Rajit Shetty.
The Ministry of Tourism has reported a remarkable surge in Foreign Tourist Arrivals (FTAs) in February 2023 compared to February 2022. In the latter, there were 240,896 arrivals, but in February 2023, there was a remarkable growth of 259.4%.
Looking ahead to 2028, the global tourist influx is projected to reach a substantial 30.5 billion, accompanied by anticipated revenues surpassing US$ 59 billion. In light of this outlook, Ramee Group envisions the establishment of a branded hotel presence in every Indian state.
“Ramee Group’s expansion plan will create significant employment opportunities, contribute to local economies, and elevate India’s profile as a global destination for luxury hospitality and entertainment. Through innovative concepts, impeccable service, and a commitment to excellence, Ramee Group is set to leave an indelible mark on India’s hospitality landscape.” said, Mr Saurabh Gahoi, VP India, Ramee Group.
As per a report by CBRE, the cumulative investment in the tourism sector during the post-COVID-19 period (2020-2023) has exceeded USD 400 million, with future investment plans surpassing a substantial USD 2,300 million.
The Tourism Policy has established an ambitious goal of attaining foreign exchange earnings of USD 400 billion from tourism by 2047, representing a substantial increase from the anticipated USD 30 billion for the year 2023.
As the Indian hospitality sector continues to demonstrate consistent growth, Ramee Group takes pride in its role and contribution to the advancement of the nation.
Arla Foods Ingredients has assumed complete ownership of MV Ingredients following Volac’s withdrawal from the long-standing joint venture that spanned over a decade.
Throughout the past decade, both companies have enjoyed advantages from their equal 50/50 joint venture, situated at Arla Foods’ Taw Valley facility in the United Kingdom.
MV Ingredients manufactures permeate powder, which is marketed by Volac, as well as liquid WPC supplied to Volac. In the new agreement, Arla Foods Ingredients will assume complete ownership of MV Ingredients and will handle account management for permeate powder. Additionally, for a specified period, they will maintain the supply of liquid WPC to Volac.
CEO of Arla Foods Ingredients, Henrik Andersen, said, “MV Ingredients processes raw whey coming from Arla Foods-owned Taw Valley dairy, and the opportunity to take full control of whey already produced within the Arla Foods loop is a great opportunity.”
He continued, “Arla Foods Ingredients is actively looking for more whey to continue our journey to discover and deliver powerful nutrition for a stronger tomorrow. And the whey produced at Arla Foods dairies, processing milk supplied from Arla Foods’ farmer-owners, is top class, and we are extremely happy to acquire full control of MV Ingredients following a productive partnership with Volac”.
Richard Jones, MD, Whey Nutrition Division at Volac, added, “We have enjoyed a very successful period with MV Ingredients since its inception in 2010, originally with Milk Link, latterly with Arla Foods Ingredients. At the foundation of the joint venture, Volac brought a wealth of whey processing expertise, which complemented Milk Link’s production of superior raw materials. As with any joint venture, there comes a time when it is the right thing for both parties to move on, and I am delighted that we are leaving on excellent terms and look forward to continuing our relationship.”
The new ownership structure took effect on 1 September 2023.
On Tuesday, Anita Praveen, the Secretary in the Ministry of Food Processing Industries, revealed that the government is currently in the midst of unveiling a follow-up production linked incentive (PLI) program aimed at promoting the processing of millet-based foods within the nation.
She mentioned that the program is currently in the approval phase and encompasses a budget of INR 1,000 crore.
Addressing journalists during an ICC event in Kolkata, Praveen disclosed that in the inaugural phase of the PLI scheme, which commenced in the previous fiscal year, the financial aid amounted to INR 800 crore.
“The ministry had got applications from 30 units in the first phase and the scheme was fully subscribed. Now we plan to provide another round of PLI scheme involving an amount of INR 1,000 crore and is in the approval stages”, the food processing industries, secretary said.
Praveen said “the food processing industry had got an approval of INR 10,900 crore from the government for granting assistance to food processing units, out of which INR 800 crore had been carved out for millet-based products. Under the Pradhan Mantri Formalisation of Microfood Processing Enterprises (PMFME) scheme, the government had been helping small units in the food processing sector and over one lakh self-help groups (SHGs) had been extended assistance”, she said.
During her earlier remarks at the session, Praveen emphasized the goal of popularizing millets both within the nation and on the global stage, highlighting their classification as a ‘superfood’ owing to their nutritional and health advantages. Furthermore, she pointed out that the southern regions of India, along with Madhya Pradesh and Maharashtra, stand as the largest consumers of millets within the country.
Additional chief secretary, food processing industry department of West Bengal government, Subrata Gupta said that the state government is also giving financial and technical support for growing millet-based food processing units. The state government is willing to support millet-based processing units, he said.
Gupta said that millet-based foods are gluten-free and have a low glycemic index, which is good for diabetics.
According to industry sources, domestic sugar prices have surged by 3 percent over the past 15 days, reaching their highest levels in six years.
Due to a lack of rainfall in sugarcane-producing areas, prices have increased just as the festive season approaches, during which sweet consumption is expected to significantly rise.
This development may contribute to food inflation and dissuade the government from permitting sugar exports, thereby maintaining support for global prices, which are currently close to their highest levels in over a decade.
On Tuesday, sugar prices reached INR 37,760 per metric tonne, marking their highest point since October 2017.
Considering the robust demand for sugar anticipated during the approaching festival season, the government allocated an extra quota of 200,000 metric tonnes for August, in addition to the 23.5 LMT already allocated for the month.
On Tuesday, the Andhra Pradesh Food Processing Society (APFPS) and the State Bank of India (SBI) joined forces to enhance and facilitate the establishment of a minimum of 7,500 micro food processing units within the state. This collaborative agreement is set to be implemented during the current fiscal year, 2023-24, as part of the Prime Minister Formalisation of Micro Food Processing Enterprises (PMFME) scheme.
“This partnership with a financial powerhouse like SBI will provide a significant boost to micro food processing enterprises in the state,” said APFPS Chief Executive Sridhar Reddy in a press release, adding that maximum number of units will be covered. As part of this deal, SBI will offer collateral-free loans of up to INR 10 lakh to eligible beneficiaries, following the guidelines of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) under the Agri Infrastructure Fund.
SBI has already sanctioned over 500 loans under the PMFME scheme in the previous fiscal, emerging as a major lending partner in this endeavour. It has also agreed to support promotion of food processing units through this collaboration with farmer producer organisations (FPO). Besides loans, the banking behemoth will provide necessary working capital loans for successful operation of supported enterprises. Streamlined loan processing with minimum documentation and processing time, attractive interest rates and others are some more benefits under this agreement.
A month after introducing a platform fee of INR 2, which was later raised to INR 3 for certain users, Zomato, the foodtech giant, is now receiving an optimistic outlook from Kotak Institutional Equities. They believe that this fee increase will enhance the company’s customer take rate and contribution margin.
“On the app, Zomato says, ‘This small fee helps us pay the bills so that we can keep Zomato running.’ We note that over the past few quarters, bulk of the take-rate improvement has been driven by a restaurant take-rate increase and delivery take-rate has lagged,” the analysts at the brokerage said.
“The company’s intent seems to be to monetise select customers better, resulting in an increase in customer take-rate, which flatlined over the past few quarters,” said the analysts.
To put it plainly, the take rate represents the commission collected by Zomato from both restaurants and customers as a fee for facilitating an order.
Early last month, Zomato, following the footsteps of its competitor Swiggy, introduced a platform fee of INR 2 per order for select users on its platform. In a matter of weeks, Zomato escalated this platform fee to INR 3 for customers residing in certain cities.
Regarding inquiries concerning this matter, a Zomato spokesperson has stated that the platform fee is intended to apply to all customers. However, it’s important to note that these adjustments are currently in the experimental phase and are being implemented gradually throughout the country.
Providing an analysis of how the platform fee could boost Zomato’s profit margins, Kotak Institutional Equities stated that Zomato had approximately 2.7 million high-frequency customers in 2022, each placing orders more than 50 times annually. If we assume that these customers make an average of 75 transactions per year, then applying an INR 2 platform fee to all these orders would generate an additional INR 40.5 crore in profit/EBITDA contribution.
The analysts noted that this would also result in approximately a 16 basis points (bps) improvement in the contribution margin. This improvement would assist Zomato in progressing towards its aimed 8% margin as a percentage of Gross Merchandise Value (GMV) over the medium term.
In the first quarter of fiscal year 2024 (Q1 FY24), Zomato’s food delivery business achieved a contribution margin of 6.4%.
Kotak reaffirmed its ‘buy’ rating on Zomato and adjusted the stock’s fair value to INR 110, up from the previous INR 105. This adjustment suggests a potential upside of 12% from its most recent closing price.
Additionally, Kotak highlighted that should Zomato expand the scale of its operations and exercise effective cost management in its ecommerce ventures, namely Blinkit and B2B business Hyperpure, these segments have the potential to attain profitability in the coming quarters.
In the first quarter of fiscal year 2024 (Q1 FY24), Zomato recorded a net profit of INR 2 crore, accompanied by operating revenue amounting to INR 2,416 crore.
The Open Network for Digital Commerce (ONDC) has reportedly adjusted its incentive program to offer increased flexibility to buyer-side applications in delivering discounts to consumers.
Additionally, these modifications encompass a 50% reduction in subsidies for food categories and an expansion of merchant presence in 45 non-metro districts.
According to a Moneycontrol report, the notification regarding the implementation of the fifth version of the incentive scheme was distributed to network participants (NPs) on September 4, and it officially took effect starting September 5.
As part of the recent updates, ONDC has raised the weekly maximum claimable amount for buyer-side applications from INR 25 Lakh to INR 40 Lakh. Additionally, the requirement for monitoring discounts on specific orders has been eliminated.
Simultaneously, adjustments have been introduced in the discount structures for specific categories. For orders surpassing INR 200 in the food and beverage (F&B) category, the average incentive has been lowered to INR 50 per order. However, the incentive for orders exceeding INR 200 in the grocery and beauty products category remains unchanged at INR 100 per order, according to the report.
The incentive for electronics orders falling within the INR 200 to INR 1,000 range has been maintained without any alterations.
In the previous iteration of the scheme, there was a uniform incentive rate of INR 100 per order, irrespective of the product category, and no distinctions were made based on product categories.
Since its inception in 2022, ONDC has been diligently dedicated to developing open protocols encompassing all facets of digital commerce. This initiative is designed to empower both buyers and sellers to utilize any compatible application or platform of their choice for seamless transactions. The overarching objective is to dismantle the isolated ecosystems of numerous e-commerce platforms and unite them under a singular, open network.
The platform’s progress has been remarkable, with an impressive roster of participants. Among its seller-side network participants, it boasts notable names such as Magicpin, uEngage, Bitsila, EkSecond, Growth Falcons, Mystore, nStore, and eSamudaay. On the buyer side, it includes prominent players like Pyatm, Pincode, and Meesho.
ONDC has been steadily broadening its footprint across various sectors, encompassing segments such as grocery delivery, mobility, and fintech.
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