PepsiCo to Set up Snacks Plant in Uttar Pradesh
PepsiCo India will set up greenfield snacks manufacturing plant in Uttar Pradesh with a total investment of around Rs 514 crore over the next three years and will help create 1,500 direct and indirect jobs. The company has signed a memorandum of understanding (MoU) with representatives of the Uttar Pradesh government. The new investment plan is in line with PepsiCo’s goal to double its snack business by 2022.
PepsiCo India as per plan will expand its backward integration with local farmers to enable socio-economic growth for potato farmers in Uttar Pradesh. They will also up a cold storage facility to enable the supply chain. The move would also help develop other support and ancillary industries in the region. PepsiCo would also spread its footprint in collaborative farming of potatoes in the state.
Manohari Gold Tea Sells for Rs 50,000 a Kilogram
Manohari Gold Tea has made history as it was sold at a record Rs.50,000 a kg at the Guwahati Tea Auction. This is the highest price the tea has fetched anywhere in the world. Last year the tea sold at Rs.39,000 and was second in place to Golden Needle variety from Arunachal Pradesh which sold at Rs.40,000
The speciality tea is made from early-stage leaves and looks like 24-carat gold, unlike other Assam teas that are black. The tea leaves are picked between 4 a.m and 6 a.m so the aroma and flavour are retained and not altered due to the sun. The sale price indicates that tea connoisseurs are willing to pay for good quality tea. The high price will also encourage other tea growers to produce quality tea and send it to the Guwahati Tea Auction Centre which has become the hub of speciality tea.
Little Miss Muffet Opens in MGF Mall Saket
Little Miss Muffet, a first-of-its-kind concept that combines an academy, a European cafe, and a bakery, has opened in MGF Mall, Saket. The outlet had a special session for children from
Udyam Trust. The kids learned to make cakesicles and cake pops from scratch. The baking session was followed by lunch and presents were also distributed. It was a good opportunity for the employees at Little Miss Muffet to interact and bond with these underprivileged children. All-in-all it was a fun learning experience for the teachers and the taught.
The concept adopted by Little Miss Muffet is to empower underprivileged children through culinary arts. They feel that this will give them breathing space from their daily activities and help develop their skills. Baking as a skill could be accessible to all if minimum ingredients are used. Teaching how to bake, they feel is a different kind of education which involves the heart as well.
Patanjali gets Control of Ruchi Soya
The NCLT has finally cleared the Rs 4,350 crore bid by Ramdev-run Patanjali Ayurved to take over edible oil player Ruchi Soya. The NCLT approval comes after it dismissed the petitions filed by Standard Chartered Bank and Singaporean lender DBS, which had both challenged the low bid by Patanjali and hence a lower pay-out. Ruchi Soya owes over Rs 9,345 crore to the lenders and around Rs 2,800 crore to other creditors. That apart, the RP has admitted claims worth Rs 2,716.61 crore from operational creditors. The order does not say how much they will get from the proceeds, though. The RP is directed to submit detailed breakup of the entire resolution cost before the next date of listing on 1st August. The counsel for the Haridwar-headquartered Patanjali reiterated that Rs 600 crore of the Rs 4,350-crore fund would be met through internal accruals but did not furnish a detailed break-up
Patanjali Managing Director Acharya Balkrishna said this is a positive development which will help the company expand the Swadeshi movement. He also said the company will use the Ruchi Soya infrastructure for the betterment of farmers. With the acquisition of Ruchi Soya, Patanjali will become a major player in soybean oils and other edible oils. Ruchi Soya has many functional plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold and has one of the best functional and the largest infrastructure for soybean.
BigBasket Gets Rs 100 Crore Venture Debt from Trifecta Capital
Supermarket Grocery Supplies, the parent of online food and grocery delivery start-up BigBasket has received Rs.100 crore in venture debt from Trifecta Capital. This is the largest venture debt transaction in the country which will be used to meet the working capital and capex requirements of the company. BigBasketopted for Venture Debt as this reduces dilution for all shareholders, reduces the cost of capital, improves ROE and expands the runway. This investment will help BigBasket set up new warehouses and strengthen the cold chain, facilities for reprocessing of fruits and vegetables. A significant part of the business is fresh fruits and vegetables, the bulk of which is sourced directly from farms, it is crucial to maintain the quality right up to the last mile. The venture debt will also help scale-up of its supply chain for the recently launched milk subscription business – BB Daily and its specialty vending machine business – BB Instant. BigBasket was founded in December 2011 and has operations spread across 26 Indian cities.