Buyers from West Europe to source Food and Beverage from India

Source: ETRetail.com, Oct 09, 2018

NEW DELHI: European supermarket chains and top manufacturers of processed food will be sourcing their Food and Beverage (F&B) requirements from India at the Indusfood-II – the export focused annual F&B trade fair organized by Trade Promotion Council of India (TPCI) jointly with commerce and industry ministry.

Indusfood is a tradeshow, the second edition of which will be held in Greater Noida on January 14-15, 2019, to showcase India’s best line-up of food, beverages and agri products to global buyers, many of whom have already committed participation in Indusfood-II.

“The Indusfood-II is expected to see the participation of more than 600 global buyers from around 50 countries,” the ministry said in a statement on Monday. Read the rest of this entry »

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Govt to invite bids this month to set up NBFC for food processing sector

Source: Business Standard, Sept 11, 2018

New Delhi: The government will invite bids this month for setting up of a non-banking financial company (NBFC) with an initial corpus of Rs 20 billion to meet credit needs of the food processing sector, Union Minister Harsimrat Kaur Badal said Tuesday.

“The RFP (request for proposal) should be out hopefully this month. The NBFC will be in place by end of the year,” the Food Processing Minister told reporters here on the sidelines of a report launch.

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Rs 350 cr vegetable processing facility to come up at Mohali

Source: ETRetail.com, Sept 07, 2018

Chandigarh: Union Food Processing Minister Harsimrat Kaur Badal on Thursday said a Spanish company will set up a Rs 350 crore vegetable processing facility at Mohali in Punjab, which will benefit vegetable growers of the state. The minister, in a statement here, said she visited the factory premises of food processing company Conelodos de Navarra in Spain and assured the promoters that her ministry will extend all possible support to it.

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NBFC to exclusively fund food processing sector ‘by year-end’

Source: The Hindu Business Line, Jul 15, 2018

Kolkata: Food Processing Industries Minister Harsimrat Kaur Badal on Friday said a non-banking finance company (NBFC), to exclusively cater to the needs of the food processing sector, will be operational by the year-end.

The NBFC, which is likely to be named Agro-Processing Financial Institution, would entail an investment of about ₹2,000 crore. The government will pick up 20-per cent entity and invest a seed fund of close to ₹400 crore. The remaining will come from the private sector. “The RFP (Request for Proposal) is likely to be floated by the end of this month. There is a lot of interest from the private sector not just nationally but globally (to invest in the entity). We hope the NBFC would be operational by end of this year,” she told newspersons on the sidelines of an interactive session organised by the Indian Chamber of Commerce here on Friday.

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Tata plans to merge food and beverage businesses

download (8).jpgSource: LiveMint.com, Jul 03, 2018

Mumbai: Tata Group, India’s biggest conglomerate, is evaluating a proposal to integrate its food and beverage businesses into a single company, people with knowledge of the matter said.

The Mumbai-headquartered group is considering separating the salt and branded lentils businesses of Tata Chemicals Ltd. and folding them into Tata Global Beverages Ltd., according to the people who asked not to be named because the information is private. It’s also weighing merging Tata Coffee Ltd., which owns coffee plantations and tea gardens, with the beverages company, and entering dairy, they said.

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Zomato to serve 25 more cities in India with business expansion

Source: Business Standard, Jun 27, 2018

New Delhi: Food ordering app Zomato on Wednesday said it has launched its restaurant reviews and ratings platform across 25 new cities in India, taking the number to 63 cities.

Newly launched cities are Thiruvananthapuram, Vijayawada, Raipur, Madurai, Jodhpur, Thrissur, Ajmer, Manali, Alappuzha, Gorakhpur, Ooty, Kota, Manipal, Dharamshala, Jammu, Haridwar, Jalandhar, Rishikesh, Mussoorie, Udupi, Cuttack, Shimla, Palghat, Pushkar and Srinagar.

“India continues to be our highest priority market and we will continue to expand and build further depth within the country. We are doing everything to take Zomato to more cities – to enable the growth of the restaurant industry and help our audience make better food choices,” said Oytun Calapover, Global Head – Listings Business, Zomato.

Zomato launched its online ordering and food delivery services in May 2015. Globally, Zomato is present in 24 countries and serves more than 50 million users every month.

Food retail firms need to maintain separate books of accounts, inventories

Source: The Economic Times, Jun 25, 2018

Food retail firms having foreign investments will have to maintain separate books of accounts and inventories in warehouses, the government has clarified.

Currently, the government permits 100 per cent foreign direct investment (FDI) in the food processing sector, under approval route.

As per norms, a foreign company can open a wholly-owned subsidiary in India to retail food products produced and or manufactured in the country by way of opening stores or online.

It is clarified by the Department of Industrial Policy and Promotion (DIPP) that “business of food product retail trading is required to be kept distinct and separate from other businesses, if any, of the investee company by way of maintenance of separate books of accounts and records (including sales records), separate bank accounts, and separate invoicing”. Read the rest of this entry »