FieldFresh Foods Pvt Ltd, a 50-50 joint venture between Bharti Enterprises and Del Monte Pacific Ltd, will invest Rs 100 crore in establishing a greenfield food processing facility near Hosur, Karnataka.
The plant, which is likely to commence operation next year, will produce an array of processed food products for the domestic market.
Additionally, the joint venture also marked its retail foray by launching a range of Del Monte products which includes fruit drinks, sauces, packaged fruits and a range of Italian products.
These products are currently being imported and will be available in 15 odd cities in the first phase.
“We hope the manufacturing facility will be up and running by 2010. It will also house a research and development facility,” Mr Rakesh Bharti Mittal, Vice-Chairman and Managing Director, Bharti Enterprises, told reporters.
Noting that the opportunities posed by retail sector are on an exponential growth path, he said the packaged food and beverage market will also gain from the same platform. The Del Monte range will be available on modern retail outlets as well food and grocery shops.
“Besides establishing a strong retail presence, we plan to leverage growth avenues in the business to business segment as well. Our plans will propel us to be among the top ten food and beverage companies in India by 2015,” said Mr Sanjay Nandrajog, CEO, FieldFresh Food Pvt Ltd.
Source: The Hindu Businessline