IHC, promoted by two co-founders of Barista Coffee, bought Adelie Food Group, which is one of the largest players in global chilled food market
New Delhi: India Hospitality Corp (IHC) has acquired UK-based Adelie Food Group, a leading player in the convenience food segment, for $350 million in one of the largest takeovers by any Indian company in the food space, reports PTI.
IHC has been promoted by two entrepreneurs - Ravi Deol and Sandeep Vyas, who had also co-founded India's first indigeneous coffee chain Barista Coffee. IHC recently divested India's largest air-catering business SkyGourmet to Zurich based GateGroup.
Adelie Food produces and supplies food products like salads, quiches and sandwiches for supermarkets, coffee shops, cafes and airlines and is among the largest players in global chilled food market.
The Adelie Group currently employs more than 3,000 people across its seven manufacturing locations, Heathrow-based Head Office and nationwide distribution network.
The acquisition of Adelie Food is IHC's first major investment in UK. IHC had recently divested India's largest Air-Catering business SkyGourmet to Zurich based GateGroup.
IHC's India food partners business is already a leading provider of food products to major food retailers and coffee chains in the country.
IHC, which owns restaurant brands like Birdys, All Stir Fry, Jazz by Bay, Just Around the Corner, Dosa Diner, and hotel chain - Gordon House, has acquired 100% stake in Adelie group from Duke Streeet Capital, the company said in a statement.
"IHC plans to use the upstream sophisticated market capabilities of Adielie and Food Partners to accelerate the roll out of its food services business in India," IHC Foods Chairman Ravi Deol said.
"This deep product, innovation and chilled distribution expertise will enable us to delight Indian consumers with great tasting products and services," he added.
The Adelie Food Group includes British convenience food companies -- Buckingham Foods, Superior Foods, Food Partners, Brambles Foods, and ‘food to go’ brand URBAN eat.
Post acquisition, the existing structure of Adelie as the umbrella parent company will continue and Food Partners and Buckingham Foods will maintain their local identities.
The Cabinet approved Neyveli JV for setting up coal-based thermal power project in Uttar Pradesh
New Delhi: The Indian government approved the state-owned Neyveli Lignite Corp's (NLC) proposed joint venture (JV) to set up a Rs10,000 crore thermal power project in Uttar Pradesh, reports PTI.
The Cabinet gave its approval to Neyveli for the JV for setting up a 1,980 MW coal-based thermal power project at Ghatmapur in Kanpur district of Uttar Pradesh, sources said.
The company has initiated the process for entering into an MoU with Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd (UPRVUNL) for setting up the plant with a 50:50 equity participation.
The UP government has given in-principle approval to allocate 2,500 acres of land and 80 cusecs of water for the project.
NLC also has plans to set up a power plant with a capacity of 1,000 MW in Madhya Pradesh, as a joint venture with Northern Coal Fields Ltd, with a 50:50 equity participation.
Neyveli Lignite shares closed 4.5% higher at Rs89.15 per share on the Bombay Stock Exchange, while the Sensex ended 0.8% up at 17,332.
The construction on the Cotton Farm wind farm, which is likely to power nearly 10,000 homes annually, is expected to be completed by February 2013
Mumbai: Wind turbine maker, Suzlon Group said its UK subsidiary REpower has received an order from Renerco to supply eight turbines for their 16.4 MW Cotton Farm wind farm in Cambridgeshire, reports PTI.
REpower will supply eight MM92 machines having a rated output of 2.05 MW each, the company said in a statement.
The construction on the Cotton Farm wind farm, which is likely to power nearly 10,000 homes annually, is scheduled to commence in October 2012 and is expected to be completed by February 2013.
“This is the second order we received from Renerco. Earlier we won the contract to supply five MM92 turbines for its Earls Hall wind farm in December 2011. The Cotton Farm wind farm adds to our growing portfolio with Renerco, and we look forward to working with them again,” REpower UK managing director Rick Eggleston said.
Since its launch in 2004, REpower UK has delivered 37 onshore wind farms in Scotland, England and Wales and two offshore wind farms.
Suzlon Energy's shares ended flat at Rs24.45 per share on the Bombay Stock Exchange, while the benchmark Sensex closed 0.8% up at 17,332.