Big busi­ness for Chipita in In­dian mar­ket

Kathimerini English - - Focus - DIMITRA MANIFAVA

Food com­pa­nyChipita’s con­sor­tium with In­dian peer Bri­tan­nia In­dus­tries fore­sees rev­enues of some 26.65 mil­lion eu­ros in the first three years of op­er­a­tion in In­dia and a 25 per­cent mar­ket share from the pack­aged crois­sant to be pro­duced in the sub­con­ti­nent.

The con­sor­tium, Britchip Foods Ltd, is con­struct­ing a crois­sant fac­tory at Tamil Nadu in In­dia which is ex­pected to start op­er­at­ing by July 2018, the In­dian com­pany’s di­rec­tor Varun Berry told fi­nan­cial an­a­lysts and in­vestors last week.

Bri­tan­nia In­dus­tries holds a 60 per­cent stake in the con­sor­tium, with Chipita con­trol­ling the other 40 per­cent. Bri­tan­nia ex­pects the Greek com­pany to help it meet the ma­jor de­mand for pack­aged crois­sants, given the Asian coun­try’s large youth pop­u­la­tion. Chipita has made a name for it­self abroad by pen­e­trat­ing snack mar­kets in the Mid­dle East and Egypt with its crois­sants.

Do­mes­ti­cally, Chipita is as of to­day ex­pect­ing the re­sponse of small share­hold­ers in Nikas, as Chipita, owner of 89.74 per­cent of the cold cuts pro­ducer, aims to squeeze out the re­main­ing 10.26 per­cent. It is of­fer­ing a price of 0.364 eu­ros per share.

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