Global Dairy Trade acquired by Fonterra, NXZ and EEX
The Global Dairy Trade, an auction platform that facilitates the trading of dairy derivatives, has been acquired through an equal partnership between New Zealand-based dairy co-op Fonterra, New Zealand’s Exchange (NZX) and the European Energy Exchange (EEX). Each party will take equal ownership of the platform and the partnership is expected to be completed by the middle of the year should…
Dairy excluded in India-UAE FTA to protect the domestic industry
The trade deal between India and the United Arab Emirates (UAE) has mandated stringent rules of origin conditions, with 40 per cent value addition required on exporting items to avoid routing of products manufactured in third countries to India via UAE. In any Free Trade Agreement (FTA), the rules of origin determine the criteria for which…
Milk prices have started inching upwards as flush season culminates
Prompted by rising milk procurement prices, private dairy companies as well as co-operatives have been making moderate price hikes, according to a report by brokerage ICICI Securities. “While the co-operatives had raised prices in Q3FY22, the dairy companies had deferred the price hikes. We note the private dairy companies have also raised selling prices by ₹2…
Say cheese! This paneer maker smiles all the way to the bank
This is the story of a youth from western Tamil Nadu who transformed his father’s failing milk supply business into a thriving producer of paneer that sells even in north India. Sathishkumar T was 17 when he joined his farmer-father in 1991, buying milk locally and after a bit of processing selling it in Bengaluru….
Hatsun Agro shuts ’ready-to-eat’ business under the Oyalo brand
Hatsun Agro Product Ltd. (HAPL) announced it was discontinuing its ready-to-eat (RTE) business with immediate effect, citing losses for the last two years primarily due to the pandemic. The RTE range, which comprised pizzas and pastas, were manufactured and sold under the Oyalo brand. The RTE business has been contributing to HAPL’s annual sales of…
Nestle Q4 results: Net profit dips 20% YoY to Rs 387 cr; rev up 9%
FMCG giant Nestle India on Thursday reported a net profit of Rs 386.66 crore for the October-December quarter, down 19.99 per cent year-on-year (YoY) from Rs 483.31 crore recorded during the same period last year. The company’s revenue from operations came in at Rs 3,739.32 crore, up 8.93 per cent YoY compared to Rs 3,432.58…
Amul Files FIR Against Staffer For Rs 4 Cr Fraud
The general manager of Amulfed Dairy has filed a complaint of cheating against assistant manager of fresh products for producing fake transport bills and defrauding the company of Rs 4 crore in 12 years. Anil Bayani (52) of Amulfed Dairy has accused Ujjawal Vyas, a resident of Orchid Elegance, SoBo of running M U Carting,…
NDRI to set benchmark for milk cells across India
After the success in setting standard limits of somatic cell counts (SCC) in the milk of indigenous cattle and Murrah buffalo of the National Dairy Research Institute (NDRI) farm, the scientists of NDRI, here, have started work on developing a set of reference values of SCC of all dairy breeds of the country. Develop predictive…
Stellapps has raised funds from IDH FarmFit with a partnership
End-to-end dairy technology solutions provider, Stellapps has raised an undisclosed amount from IDH FarmFit. They have also entered into a partnership as a result of this investment. Stellapps is challenging the status quo of India’s dairy ecosystem through its tech-first, platform-based dairy supply chain services. The increasing milk demand and the untapped potential for milk…
Amul asks top retail companies to ‘avoid’ deep discounting on its products
India’s largest dairy company Amul has written to leading offline and online retailers including Reliance Retail, Amazon, BigBasket and D’Mart, asking them to “avoid” deep discounting on its products for their B2C (business to consumer) businesses, in other words, what the retailers sell to consumers. This follows the recent controversy between fast moving consumer goods companies and…