Ferrero aims US$296.6m investment in India to improve distribution network

INDIA - Ferrero, the Italian manufacturer of branded chocolate and confectionery products has unveiled plans to invest US$74.15 million in the sugar confectionery business to bring its total investments to close to US$297m in India. According to an article by ET Retail, the group is considering investments with value-based offerings as part of plans to…

Milkbasket raises US$7m in Series A round of funding in milk and grocery delivery space

INDIA - Grocery and milk delivery startup MilkBasket has raised US$7 million in a Series A round of funding led by Kalaari Capital, along with BeeNext and existing investors Unilever Ventures and Blume Ventures. According to Economic Times, this is the latest funding in the milk and grocery delivery space, with players such as DailyNinja…

Walmart’s revenue beat forecasts reaping big on online sales

USA - The American retail giant, Walmart’s revenue rose almost 2% higher than the forecasts to US$122.69 billion boosted by US online sales which grew 33% in the quarterly results. Earnings were up to US$1.14 cents per share as opposed to US$1.12 per share forecast by Thomson Reuters. Walmart e-commerce push reaped well on high…

Britannia embarks on global sourcing to cut costs with profits 25% higher

INDIA - The Indian biscuit maker and food products corporation has reported a 25% increase in net profit in the fourth quarter ended March 31, boosted by high demand met through a wide distribution reach across its market. Following a reformed tax environment that recognizes a uniform producer levy, Britannia said it was consolidating its…

Walmart acquires Flipkart for US $16b in one of the largest-ever ecommerce deals

INDIA - Walmart Inc. on has announced its high profile acquisition of Flipkart for US$16 billion for a valuation of over US$20 billion, making it the largest ecommerce acquisition in the world. ET Retail has reported that the 77% acquisition deal of the Bengaluru-based company, as per sources, is also the largest buyout for the…

Swiggy expands footprint in India with new operations in Nagpur

INDIA - Swiggy, one of the largest food and beverage delivery service has started operations in one of the largest cities in India, Nagpur, Maharashtra, expanding its footprint in India. With Swiggy, customers are able to order food and beverage online from restaurants and get delivered right at their doorstep. Known for its superior customer…

Parag Milk to buy Danone’s closed facility to serve northern India

INDIA - Parag MilkFoods on Thursday said it will acquire French food giant Danone’s Indian manufacturing facility for Rs 30 crore (US$4.53 million) The facility at Rai in Haryana’s Sonepat area produces curd, yogurt among other dairy productsand the acquisition is aimed at expanding Parag's presence in the northern part of the country. "North market contributes…

Walmart nears close of majority stake deal in India’s Flipkart

USA - Walmart, the American multinational retail corporation is likely to close a deal to acquire majority stake in the Indian ecommerce company, Flipkart by June in what ET Retail reports could be the biggest acquisition of an online business by the retailer. Walmart is stepping up its online business against Amazon, which Bloomberg reports…

PepsiCo to reduce sodium content in snacks in India

INDIA- PepsiCo will reduce salt content in Kurkure, its flagship snacks brand, in line with its global nutrition objectives. The first low-salt Kurkure packs have been recently rolled out, PepsiCo VP (snacks) Jagrut Kotecha said. “As per our performance with purpose agenda, we are working to improve our snack products through a stepwise reduction approach. In…

Hershey India appoints new Managing Director

INDIA- Confectionery and chocolate manufacturer Hershey Indiahas appointed Herjit S. Bhalla as the company’s new managing director, the company said in a statement. Bhalla brings extensive experience in building consumer, food and retail brands having spent more than 16 years in various sales and marketing, management roles at Unileverin India, Russia, Ukraine, and Belarus. In…