Avril Group expands into plant-based foods with majority stake acquisition of Hari&Co

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July 29, 2023

Avril Group, a company in France specializing in agri-food, has recently obtained a controlling interest in Hari&Co, a local plant-based food manufacturer.

Emmanuel Brehier and Benoît Plisson, the Founders and Directors of Hari&Co, will remain associated with the company as shareholders holding minority stakes.

Eutopia and Triodos Investment Management, previous investors in the company known for its veggie burgers and meatball alternatives, have divested their shares in the firm.

Avril said it was “committed” to the development of plant protein and said the deal for Hari&Co “strengthens its position in mass consumption”.

Hari&Co distributes its products through the French retail channel, and according to an Avril spokesperson, the company has successfully established “over 5,000 sales points” with various retailers. Additionally, Hari&Co serves foodservice customers with its plant-based food offerings.

In addition to the French market, the vegan food maker also has a smaller presence in Italy, supplying more than 250 stores, the spokesperson said.

“This project is fully in line with our strategy. Following the acquisition of Vivien Paille last year, we are pursuing the development of French sectors and the promotion of legumes, from the farm to the table,” Avril CEO Jean-Philippe Puig said.

In the previous year, Avril acquired Soufflet Alimentaire, a France-based supplier of rice, legumes, and chickpeas, from its agribusiness counterpart, InVivo Group. Following the acquisition, Avril rebranded the business as Vivien Paille.

In October of the previous year, the prominent French poultry company, LDC, acquired Avril Group’s Ovoteam eggs business and the egg brand Matines.

In April 2021, Avril announced its intentions to divest its eggs and pork operations. The decision was driven by the company’s strategic shift and its desire to consolidate activities around four key areas: condiments and cooking oils, plant-based products for both humans and animals, ingredients, and energy.

Last year, Avril snapped up a majority stake in Italian firm Eccellenza Italiana, which sells products including condiments and olive oil in France.

Reliance Retail’s Milkbasket sees top-level resignations after JioMart deal

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July 29, 2023

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Reliance Retail-owned subsidiary, Milkbasket, recently underwent a major transformation as it achieved full integration with JioMart. However, this significant milestone was accompanied by notable departures within the upper echelons of its management, as reported by Entrakr.

In May, the Chief Financial Officer (CFO) Gaurav Srivastava, along with Milkbasket’s only Co-Founder Yatish Talvadia and Chief Operating Officer (COO) Abhinav Imandi, stepped down from their positions following the merger of the company with JioMart.

According to the report, four of Milkbasket’s Co-Founders had already departed from the company by the previous year. Additionally, the report highlighted that nearly a dozen senior executives have resigned from their positions at Milkbasket, and there are expectations of further resignations in the weeks to come.

Srivastava served as Milkbasket’s CFO for a duration of five years, preceded by his role as the company’s Vice President-Finance. Prior to this, he gained experience working with renowned consulting firms such as KPMG and EY.

As of now, Milkbasket (Aaidea Solutions Ltd) has not yet released its financial results for FY23. In FY22, the company experienced a significant increase in losses, rising by 98% to reach INR 66 crore, while its revenue declined by 19% to INR 421 crore from the previous FY21 figure of INR 522 crore.

Before the acquisition, the company successfully raised $33 million in funding from various sources, including Inflection Point Ventures, Mayfield India, Unilever, Beenext, Blume Ventures, Kalaari, Lenovo Capital, and several angel investors, as mentioned in the report.

Marico’s Q1 FY24 net profit surges 15.6% to INR 436 Crore, despite minor dip in total income

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July 29, 2023

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According to a BSE filing, Marico, a leading FMCG company, recorded a significant increase in its consolidated net profit for the first quarter ending June 30, 2023. The company’s net profit rose by 15.6 per cent, reaching INR 436 crore, compared to INR 377 crore in the corresponding quarter of the previous fiscal year.

Nevertheless, the company experienced a minor decrease in total income, amounting to INR 2,523 crore during Q1 FY24, in contrast to INR 2,575 crore recorded in Q1 FY23.

According to the regulatory filing, Marico’s total expenses declined to INR 1,956 crore in Q1 FY24, showing a contrast to the corresponding quarter of the previous fiscal, where expenses amounted to INR 2,076 crore.

In Q1 FY24, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached INR 574 crore, indicating a 9 percent increase from INR 528 crore reported in Q1 FY23. Additionally, the EBITDA margin for Q1 FY24 improved to 23.2 percent compared to 20.6 percent in Q1 FY23.

Throughout the quarter, the FMCG sector maintained its optimistic outlook, consistent with the previous quarter. However, as expected, noticeable signs of significant growth in rural areas on a sequential basis were not evident.

According to the company’s statement, the growth primarily stemmed from urban areas, while the rural markets saw growth from a smaller base. In terms of product categories, packaged foods sustained their positive performance, while beauty and personal care products closely followed the trajectory of rural market growth.

In its quarterly update, the company expressed optimism about a gradual recovery in volume growth, mainly driven by the rural sector, thanks to the ongoing reduction in commodity and retail inflation. However, the company also highlighted the importance of closely monitoring the distribution of rainfall and the impact of recent erratic weather patterns on the agricultural cycle. These factors could significantly influence rural incomes, making them critical to observe for future developments.

In the fiscal year 2022-23, the FMCG major achieved a turnover of INR 97.6 billion ($1.2 billion) from its products sold in India as well as selected markets in Asia and Africa.

Karnataka cabinet raises Nandini milk price by INR 3 per litre, citing support for milk producers

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July 29, 2023

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Starting from August 1, the Karnataka cabinet has made the decision to increase the price of Nandini milk by INR 3 per litre. Nandini is the renowned brand under which products are offered by the Karnataka Milk Federation (KMF).

The decision was taken on Thursday in the cabinet meeting in view of the demands of the milk producers.

Defending the move, Chief Minister Siddaramaiah said on Friday that Karnataka is selling milk at the lowest price whereas in the other states it is much higher.

“The milk (toned) that costs INR 39 will be sold at INR 42 per litre. Elsewhere it is sold between INR 54 and INR 56 per litre. In Tamil Nadu the price is INR 44 per litre,” the Chief Minister said.

Commenting on the decision, Deputy Chief Minister D K Shivakumar said, “We have to give money to the farmers (milk producers). Today in the entire country it’s (toned milk) INR 56 per litre. In our state people are getting at a very less price.”

He also said the government had decided to hike milk price by three rupees to help farmers.

Dunzo commits to pay 12% annual interest on withheld salaries amid financial challenges

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July 29, 2023

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Homegrown rapid-grocery delivery company Dunzo has committed to paying its employees a 12 percent annual interest on the salary component that was withheld since June.

Furthermore, as reported by MoneyControl, the startup reassured its employees that it is making steady progress in clearing all pending debts and aims to settle them by September 4.

Earlier this month, Dunzo made an announcement stating that it would defer wages for approximately 500 employees and impose a salary cap of INR 75,000 from June, regardless of an employee’s pay package.

Initially, the company had set July 20 as the deadline to clear all pending dues. However, an email was subsequently sent out, extending the deadline to September 4.

“Thank you for your patience and continued support. We understand the inconvenience this (delay in salaries) has caused and want to ensure that we provide the possible support for the delay,” Dunzo’s payroll team said in an email to employees.

“There will be interest paid of 12 per cent per annum,” it added.

When the final payout is made, all employees who have been affected since June will receive interest for two months, from July 4 to September 4.

An interest rate of 12 per cent per annum translates to an interest rate of 1 per cent per month, according to the report.

For example, a worker who was earning INR 1 lakh monthly but was only paid INR 75,000 in June due to Dunzo’s decision will now receive 12 per cent annual interest on the remaining INR 25,000.

Meanwhile, Dunzo has received legal notices from at least seven companies since March this year.

The company had received legal notices from Google India, Nilenso, Clover Ventures, Facebook India Online Services Private Limited, Cupshup, Koo and Glance.

In total, Dunzo’s outstanding vendor debts amount to approximately INR 11.4 crore, nearly double the previously estimated INR 5-6 crore.

Coca-Cola named official beverage partner for upcoming ICC World Cup

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July 29, 2023

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Coca-Cola, the renowned beverages company, announced on Friday that it has secured the exclusive partnership as the non-alcoholic beverage sponsor for the upcoming Cricket World Cup, organized by the ICC.

In a joint statement, Coca-Cola and The International Cricket Council (ICC) revealed their renewed collaboration for the upcoming 2023 ICC Men’s Cricket World Cup.

“The partnership entails Coca-Cola becoming the exclusive non-alcoholic beverage partner of the ICC,” it added.

Coca-Cola will use its global reach to connect with fans around the world and inculcate true sportsmanship through a series of online and offline activations.

Coca-Cola India Vice President, Marketing, Arnab Roy said, “We believe that the ICC Cricket World Cup is the biggest cricket event for the country. Partnership with the ICC provides us with a great opportunity to bring together our customers, consumers, brands and cricket”.

The beverage major plans brand activations with its portfolio, including fan engagements, social media campaigns and promotions to win tickets to the World Cup alongside unique on-ground experiences during the ICC Men’s Cricket World Cup 2023.

ICC Chief Commercial Officer Anurag Dahiya said, “We are excited about our partnership with Coca-Cola, which promises to deliver a refreshing cricketing experience set to captivate audiences and present a grand showcase of their emotions”.

Last month, the ICC had announced the schedule for the Men’s ODI world cup, which is set to commence on October 5 in Ahmedabad, where England and New Zealand will face each other.

The Biryani Basket unveils its cloud kitchen in Gurgaon, bringing authentic biryani to your doorstep

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July 29, 2023

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The Biryani Basket has unveiled its innovative cloud kitchen in Gurgaon. Passionately committed to delivering the finest biryanis and tikkas, the team behind The Biryani Basket aims to redefine the biryani experience altogether. Their ultimate goal is to bring the authentic and delectable taste right to your doorstep, ensuring an exceptional dining experience without stepping out of your home.

Within the confines of ‘The Biryani Basket,’ masterful chefs have meticulously curated a menu that showcases an extensive range of flavors and biryani variations. With their culinary expertise, they have succeeded in offering a diverse selection that caters to every palate, ensuring an unforgettable dining adventure for all who indulge in their delectable creations.

Dr. Aakash Bansal, Founder at ‘The Biryani Basket’, said, “Our motto at The Biryani Basket is to elevate your biryani experience. We take immense pride in curating a menu that caters to the discerning palates of our customers, offering a delightful selection of biryanis and tikkas that will transport them to the vibrant streets of India. We are excited to bring this exceptional dining experience to the doorstep of Gurgaon residents.”

With meticulous attention to detail, each biryani at ‘The Biryani Basket’ is crafted using only the finest ingredients, fragrant spices, and time-honored cooking techniques. This unwavering commitment to authenticity guarantees a truly delightful culinary experience for every discerning palate that graces our tables.

At ‘The Biryani Basket,’ an enticing array of tikkas awaits, ranging from succulent Chicken Tikka to mouthwatering Paneer Tikka. Indulge in this diverse selection and treat your taste buds to a symphony of flavors that cater to both meat-lovers and vegetarians alike.

The Biryani Basket is thrilled to announce a special celebration for its customers. For a limited period, patrons can indulge in a ‘Buy One, Get One Free’ promotion on biryanis. The offer promises to delight taste buds and is not to be missed.

LT Foods records remarkable 53% surge in quarterly profit with strong domestic and international performance

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July 29, 2023

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LT Foods, the well-known seller of Daawat basmati rice in India, has recently announced a remarkable 53% surge in quarterly profit. This significant boost in earnings can be attributed to the company’s strong performance in both the domestic market, where there is robust demand for its packaged rice, and the international arena, benefiting from favorable export prices. The success of its flagship product, Daawat basmati rice, has undoubtedly contributed to the company’s impressive financial results.

In the quarter ending on June 30, the rice producer achieved a consolidated profit of 1.37 billion rupees ($16.7 million), marking a significant increase from 896.9 million rupees reported in the same period the previous year.

The company’s consolidated revenue from operations witnessed a robust increase of over 10%, reaching 17.78 billion rupees. This growth was primarily driven by a remarkable 24% year-on-year expansion in the company’s core basmati and other specialty business segments.

During the quarter, the company experienced a moderate increase of approximately 9% in total expenses, contributing to an enhancement in its profit margins.

LT Foods, deriving 65% of its revenue from exports, has reaped the advantages of export prices surging to a five-year peak by the end of June. This significant increase in export prices was primarily attributed to limited supplies and the government’s decision to elevate support prices for the key crop in early June.

In May, India, recognized as the largest global exporter of rice, announced its decision to facilitate rice shipments exclusively through diplomatic channels. This move came as a continuation of the export restrictions imposed in September of the previous year, which were aimed at stabilizing domestic prices of the essential food crop.

According to Ashwani Arora, the Managing Director and CEO of LT Foods, the company’s domestic market share witnessed a significant rise of 210 basis points, reaching 29.8% during the quarter. This increase indicates robust demand for the indigenous staple within the country.

Barista Coffee expands its presence in Uttarakhand with a stunning new outlet in Tapovan, Rishikesh

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July 29, 2023

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Barista Coffee, the leading coffee chain in India, is thrilled to announce the grand opening of its newest outlet in Tapovan, Rishikesh, Uttarakhand. Situated at Lemon Tree Premier on Badrinath Road, the newly launched two-storey retail store marks the company’s fourth establishment in the picturesque state of Uttarakhand. With the ground floor covering an area of 560 sq. ft. and boasting 16 comfortable seats, the first floor offers ample seating for 24 patrons across 400 sq. ft.

Rajat Agrawal, CEO of Barista Coffee said, “Barista is thrilled to establish its presence in Tapovan, Rishikesh. This is our fourth store in Devbhoomi (Uttarakhand), and we are eager to expand our footprint further in this enchanting territory.”

Since its establishment in 2000 as Barista Coffee Company Ltd, Barista Coffee has consistently remained at the forefront of the industry, dedicated to providing its customers with an exceptional global coffee experience, boasting a vast array of top-notch coffee selections. Throughout its journey, the company has expanded its menu to include an assortment of delectable desserts, sandwiches, and wraps, all thoughtfully curated to complement their range of premium coffee offerings.

In addition to its impressive range of coffee beverages and delectable snacks, Barista’s Tapovan retail outlet will also feature an enticing collection of products such as chocolates, instant coffee, and cookies. These offerings are designed to cater not only to in-store guests but also to customers across the country through General Trade stores.

Continuing to be the favored destination for coffee enthusiasts, Barista Coffee is dedicated to providing an unparalleled coffee experience in every cup. The brand’s commitment to exceptional service and quality offerings has earned it a loyal customer base over the years. With this new retail outlet in Tapovan, Rishikesh, Barista Coffee reinforces its commitment to delighting customers across Uttarakhand.

Bira 91’s first taproom opens at DLF CyberHub, Gurugram!

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July 29, 2023

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Bira 91 has announced the momentous debut of its first Taproom at the prestigious DLF CyberHub in Gurugram. This exciting milestone represents the brand’s third successful launch in India.

Scheduled to open its doors to the eager public on July 28, 2023, the Taproom boasts an impressive lineup of 16 beers on tap, each expertly crafted to cater to diverse palates. Complementing the exquisite beer flavors is a delectable food menu curated by the renowned chef Vicky Ratnani, promising a delightful array of dishes to tantalize taste buds.

In addition, the Taproom will present an extensive array of specialty cocktails, thoughtfully curated by the esteemed sommelier Magandeep Singh, showcasing both classic concoctions and unique creations that promise to elevate the drinking experience. Moreover, the CyberHub Taproom will house the brand’s first-ever offline Bira 91 Merch Store, showcasing a delightful selection of the most-loved merchandise from the brand.

Speaking on the launch, Rahul Singh, senior vice President, Pubs at Bira 91, said, “Beer consumption in India thrives at multiple levels, with the out-of-home experience playing a pivotal role in nurturing the country’s growing beer culture. The increasing availability of diverse and premium beer options has not only democratised the industry but also shaped the evolving Indian palate.”

Spanning an expansive area of 3700 sq. ft, Bira 91’s latest Taproom at DLF CyberHub has the capacity to comfortably host over 120 guests. The interior design takes inspiration from the intricate brewing process of beers, with four distinct murals dedicated to the various stages of harvesting, milling, brewing, fermenting, and finally, the delightful act of sipping. These captivating murals add a touch of artistry to the space, enriching the overall experience for every visitor.

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