Maiyas Beverages & Food To Raise PE Investment
Launched after the completion of
five-year non-compete clause between Sadananda Maiya and MTR
Foods, Maiyas Beverages And Food is all set to raise PE funds of around $20
Mn for expansion, according to market news.
In 2007, when MTR foods was bought by
Norwegian Orkla intitiated by JP Morgan and Aquarius for a profitable exit, also
came out with a non-compete clause for five years, which prohibited Maiya to
enter the packaged food segement. The clause expired in April 2012.
Maiya Food which sells ready-to-eat food
under brand name Maiyas is aggressively focusing on the market across South
India. Sadananda started business expansion with an aggressive R60 Cr investment
in a fully automated factory on 20 acres in Bangalore. A part of that investment
was made through a short-term debt from a bank.
According to the business plan, Sadananda would
first roll out a range of spices and, subsequently, instant mixes. This would be
followed by ready-to-eat foods and frozen foods. Maiya’s Beverages and Foods has
already rolled out 80 stock keeping units (SKUs) and is slated to touch the
300-SKU mark in a year.
India’s ready-to-eat foods market is now
worth around R800 Cr and is growing at an average 15%
year-on-year.
- Umesh Shanmugam
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