Modern Foods eyes at 25% increase of revenue by FY18

South Asia's largest hospitality company, Indian Hotels Company Limited (IHCL)  signed an agreement with Ristorante Paper Moon S.R.L, to launch the globally acclaimed Italian cuisine restaurant, Paper Moon, at its marquee hotels across key locations.

"In our endeavor to bring the latest international trends and experiences for our guests, we are privileged to join hands with Ristorante Paper Moon S.R.L for an exclusive partnership. IHCL will be opening five Paper Moon restaurants over the next few years. I am delighted that after Milan, Istanbul, Manila, Doha and Hong Kong, the first Paper Moon in India will open at Taj Fort Aguada Resort & Spa, Goa," said Mr. Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL.

The first Paper Moon was opened in Milan's fashion district in 1977. It offers a wide selection of Italian cuisine in a vibrant contemporary atmosphere allowing guests to enjoy mouthwatering meals. Its seasonal menu is curated with the finest quality ingredients that takes care of everybody’s palates.

Paper Moon in Goa is warm, clean and simple. It is bestowed with comfortable furniture and good lighting that adds to the overall ambience. The restaurant will be offering authentic Paper Moon flavours. Not just this, widest selection of the finest wines will also be available.

Commenting on this partnership, Claudio Bertoni and Stefania Galligani, Owners, Ristorante Paper Moon S.R.L said, "We are incredibly proud to partner with IHCL, an iconic hospitality company, on a project that will take our family brand to amazing destinations. Paper Moon created an authentic culinary experience, which guests from all over the world understand and love. We look forward to offering new experiences to guests."

Paper Moon will be first launched at Taj Fort Aguada Resort & Spa, India's first luxury beach resort that is spread over 42 acres. Taj Fort Aguada Resort & Spa is built as per 16th century Portuguese fortress. The quintessential Goa with rice paddies, spice plantations, and the striking blend of Goan and Portuguese culture, offers a unique taste of India. All those who are Italian food lovers, come visit this restaurant.

Instant foods startup The Taste Company is in talks to raise $12-15 million from a set of venture capital funds, as per a merchant banker, aware of the developments said.

“The startup, which has successfully positioned itself as the first Indian instant non-vegetarian meal producer, will dilute a minority stake of around 20%, valuing the enterprise at $60-75 million,” the merchant banker said requesting anonymity.

He said the Hyderabad-based startup aims to capture a significant share of the Rs 10,000-crore ready-to-eat food market in India, which is currently dominated by noodles and oats. Nestle, McCain Foods, MTR Foods, iD Fresh, Haldirams, ITC, Godrej Tyson, Bikanervala Foods, Gits Food Products, Venky’s India and Darshan Foods are the other key players.

The Taste Company managing director Raju Vanapala confirmed about ongoing talks but refused to name the venture capital funds. “We have turned down the interest shown by a couple of small-ticket venture capital firms given our funds requirement of $12-15 million... now continuing talks with a few large-ticket venture funds,” he said, adding that “the negotiations are now at a preliminary stage.”

Vanapala said no brand was able to address the expectations of the Indian consumers in terms of taste, health and ease of consumption pertaining to Indian instant meals, which forced the Indian consumers to compromise with non-Indian instant foods like noodles and oats.

“We are deploying traditional home-style cooking methods and we don’t use any preservatives or artificial flavours to keep the authentic taste and aroma of ‘Ghar ka Khana’,” he said. “Keeping in view the consumer needs, we have ensured a shelf life of at least six months under normal temperature for our entire range using advanced dehydration and freeze-drying technology, thanks to an extensive research.”

The Taste Company’s best five ready-to-eat non-vegetarian meals were consumer influenced across India. Over 71% of the population preferred non-vegetarian food. Ever since its onset, the Ready-to-eat industry has been a life saver for us specially now that we live in a world where our lifestyles are changing and with it our food habits. 
 

Manpasand Beverages on Wednesday posted 36.42 per cent year-on-year rise in profit at Rs 42.74 crore for the quarter ended March 31. It had posted a net profit of Rs 31.33 crore in the corresponding quarter last year.

Total revenue of the company increased 39.38 per cent to Rs 392.95 crore during the quarter under review. The figure stood at Rs 281.92 crore in the same period last year.

Earnings per share of the company rose to Rs 3.73 as of March against Rs 2.74 in Q4FY17. The figure was at Rs 1.05 as of December 31.

The board of the company also recommended of final dividend at 5 per cent on the face value of Rs 10 per equity share for the financial year ended March 31, 2018.

The share price of the company closed 3 per cent down at Rs 143.25.

Shares of the company have been falling since auditing major Deloitte Haskins & Sells last month resigned as statutory auditors of Manpasand Beverages as the fruit juice maker failed to provide them with "significant information" on the financial results for the year ended March 31, 2018. Shares of the company plunged nearly 30 per cent on a month-to-date basis.

Coca Cola India and the Ministry of Food Processing Industries, Government of India, has today signed a memorandum of understanding (MoU) where the cola giant along with its bottling partners and its fruit suppliers and processors in India, will contribute more than $1.7 billion in the agri ecosystem of the country over the next 5 years, spanning the entire supply chain from grove to glass through a concept called the Fruit Circular Economy.
Close to $800 million of $1.7 billion contribution would be towards the procurement of processed fruit pulp and fruit concentrate and the remaining would be invested in creating the required infrastructure. Through these initiatives an estimated 2 lakh farmers will benefit from this 5 year roadmap, the company said in a statement.

T. Krishnakumar, president, Coca-Cola India and south west Asia said “Coca-Cola is on a transformational journey towards becoming a total beverages company by enhancing its offerings to the world. Coca-Cola India’s relentless efforts around the Virtuous Fruit Circular Economy, an initiative of using a variety of Indian fruits, are on its way to give better business results. Our linkages with the Indian agri-economy continue to grow strong and we continue to expand our product portfolio by utilizing locally grown fruits to create new flavours under the ‘Fruits of India’ initiative. our entry into the beverage plus category is a part of our portfolio expansion strategy with Minute Maid Perfect Fruit being the first milestone in this transformational journey. We believe that our efforts will help catalyze the country’s fruit processing industry by creating demand through new products and investments, ultimately generating new opportunities for farmers, local suppliers and retailers”.

Company proposes to use fruit products in four ways. First, entails enhancing the portfolio of juices with fruits that are grown in various regions of India and marketing the fruits in a processed juice format under brand Minute Maid. Second, adding juice to the sparkling products. Third, creating innovative new products with Indian fruits and lastly, increasing the share of Indian agri exports to the global Coca-Cola systems that currently stands at $240 million.