Bharti food venture gets going
Bharti Enterprises and its Philippines based joint venture partner Del Monte Pacific Ltd on Tuesday announced their plans to introduce processed foods in the country, aiming to gain from a growing habit among young Indians to consume processed foods.
Their joint venture has already invested Rs 150 crore, Rakesh Bharti Mittal, vice-chairman and managing director of Bharti Enterprises, told reporters. An additional Rs 100-crore facility is planned at Hosur, which will be operational by March 2010.
Bharti had inducted Del Monte as its second strategic partner in FieldFresh Foods in 2007 and the two companies hold 50 and 40 per cent stakes respectively, while investment firm EL Rothschild has a 10 per cent stake.