FOOD PROCESSING - India Brand Equity Foundation

FOOD PROCESSINGNovember 2010

2

Contents

Advantage India

Market overview

Industry infrastructure

Investments

Policy and regulatory framework

Opportunities

Industry associations

FOOD PROCESSING November 2010

3

Advantage India

Advantage

India

Vision 2015

The Ministry of Food Processing Industries (MOFPI) has formulated a Vision 2015 action plan which includes trebling the size of the food

processing industry, raising the level of processing of perishables from 6 per cent to 20 per cent, increasing value addition from 20 per cent

to 35 per cent, and enhancing India’s share in global food trade from 1.5 per cent to 3 per cent.

Key

producer of

agri–

commodities

• India is the largest producer of several

fruits, such as banana, mango and papaya,

and the second-largest producer of

vegetables such as brinjal, cabbage and

onion.

• Further, India is the second largest

producer of rice, wheat, sugar and cotton.

Infrastructure

development

• India has the largest livestock population in

the world, with 98.7 million buffaloes and

176 million cows (2008).

• In milk and milk products, India is the

largest producer, accounting for 20 per

cent of the world’s production

Large

consumer base

• It has been estimated that the size of the middle to upper classes will increase at more than 300 per cent between 2005 and 2015.

• During the same period the youth population (age group 15 – 25) in India is expected to grow by 11per cent. This will lead to an

increasing demand for food products to meet demands of convenience, variety, health and a changing palate.

Favourable

agro-climatic

conditions

and strategic

location

• India’s tropical climate favours the

cultivation of several exotic food and

flower crops.

• The peninsular coastline drives the

growth of the marine industry.

• The Middle East and Southeast Asia are

major export destinations for Indian

agricultural (agri) commodities and milk.

Large

livestock

base

The establishment of 60 fully equipped Agri-

Export Zones (AEZs), in addition to food

parks, is expected to attract foreign

investment.

Sources: Ministry of Food Processing Industries 2008–09 annual report; Flavors of Incredible India, Ernst & Young, 2009; ―Agri Export Zones of

India,‖ APEDA website, www.apeda.com, accessed 8 November 2010; ―Food Industry,‖ IBEF website, www.ibef.org, accessed 8 November 2010; ―An

appetite for growth,‖ Ernst and Young, 2009

Food Processing November 2010

ADVANTAGE INDIA

http://www.apeda.com/

http://www.ibef.org/

4

Contents

Advantage India

Market overview


Investments


Opportunities



5

Market overview

The food processing industry in India is at an early growth stage, with low penetration levels and high potential.

• The size of the food processing industry in India has increased from US$ 57 billion (INR 2,736 billion) in 2004 to US$ 75 billion (INR 3,600) in 2007.

• During this period, the number of registered operating units increased from 24,000 to 25,725 units.

43 4653

5762

6875

7%

15%

8%

9%

10%

10%

0%

2%

4%

6%

8%

10%

12%

14%

16%

0

10

20

30

40

50

60

70

80

2001 2002 2003 2004 2005 2006 2007

Output of processed food y-o-y growth

Source: Flavors of Incredible India, Ernst & Young, 2009.

MARKET OVERVIEW

US$

bill

ion

Y-o-y gro

wth

Growth in the output of processed food

(US$ billion)


6

Fruits and

vegetablesBeverages Meat and poultry Fisheries

Food

processing

India is the third-

largest market in

the world for

alcohol and

has 56 alcohol-

manufacturing units

(2007–08).

India is the

second-largest

producer of fruits

(50 million tonnes)

and vegetables

(100 million

tonnes) in the

world (2007–08).

Production of meat

in India in 2007–08

was estimated at

6.5 million tonnes.

Fish production in

India was estimated

at 7 million tonnes

(2007–08).

Dairy products

India is the

largest producer

of milk in the

world,

accounting for

nearly 15.2 per

cent of global

milk production

(2007–08).

Agri productsMilk and milk

productsMeat, poultry and marine products

Sources: Ministry of Food Processing Industries 2008–09 annual report; Ernst & Young analysis.

Market segments

MARKET OVERVIEW


7

Overview of processing activities across categories

In the global context, there is ample scope for investment in the processing segment.

Products Level of processing (in per cent)

Organised Unorganised Total

Fruits and vegetables 1.4 0.8 2.2

Milk and milk products 13 22 35

Meat and poultry

Buffalo meat 21 - 21

Poultry 6 - 6

Marine products 8 - 8


MARKET OVERVIEW


8

Source: Ministry of Food Processing Industries 2008–09 annual

report.

600.1 619.9

1153.3

1390.5

1869.7

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2003–04 2004–05 2005–06 2006–07 2007–08

• India’s processed food exports constituted 1.5

per cent of the global food trade in 2008–09.

Exports

US$

mill

ion

Exports of processed food (US$ million)

MARKET OVERVIEW


9

Agri-based

products

Milk and

milk products

Potato chips

• Potato chips (or wafers), a popular snack item in India, are manufactured on a large scale, not only by big firms but also by cottage industries and home-grown players.

Ready-to-eat meals

• Societal changes in India (more nuclear families), as well as evolving consumer preferences, are driving the demand for ready-to-eat foods.

Flavoured milk

• Milk features prominently in the Indian diet. With consumer tastes evolving, flavoured milk is gaining popularity, especially among the urban population. Currently, medium and large-scale cooperatives and private companies dominate the manufacture of milk. Popular flavours include cardamom, saffron and chocolate.

Meat and

marine products

Poultry processing

• In India, the consumption of chicken is increasing more rapidly than any other category of meat. Currently, small- and medium-sized firms undertake poultry processing, with the presence of a few organised players.

Domestic demand

MARKET OVERVIEW


10

Growth drivers

384

592

920

1,235

0

200

400

600

800

1,000

1,200

1,400

2005 2008 2015E 2020E

Household consumption is expected

to double by 2020.

By 2015, the Indian food industry is estimated to grow by around 40 per cent over 2007. Two key factors are expected to drive this growth:

• Socio-economic changes across India’s population base, in terms of growth in the number of households in the high-income category, rising youth population and migration from rural to urban areas

• Evolving lifestyle trends, such as the emergence of nuclear families, increasing health awareness and growing exposure to international markets

Source: Flavors of Incredible India, Ernst & Young, 2009.U

S$ b

illio

n

Growth in household consumption

MARKET OVERVIEW


11

Key trends

Increase in

the depth of

distribution

Entry of

international

companies

• Indian companies, which previously focussed only on back-end processing and manufacturing, have now extended their presence into the processed food segment. Andhra Pradesh Dairy Development Cooperative Federation Ltd (APDDCF) was established in 1981 with the objectives of milk supply and dairy development. APDDCF is considering the establishment of 1,000 franchisees for retail sales and offering products such as packed curd, butter, ghee and paneer.

• With the Indian economy opening up, major international food product manufacturers have entered the market and introduced processed products in the agri products and milk products categories.

• For instance, Pepsico, India, launched Nimbooz on February 28, 2009. According to the company, Nimbooz is India’s first packaged nimbu pani, a popular traditional homemade drink in India.

• Del Monte has entered the Indian ketchup market. The Bharti Enterprises- Del Monte Pacific Ltd JV FieldFresh Foods Pvt Ltd launched a range of Del Monte products including ketchup and sauces in 2009.

• General Mills opened an outlet of ice cream brand , Haagen-Dazs in India in 2010, under a franchise agreement.

In addition to a large number of initiatives that the Government of India has undertaken to drive consumption, increased activity by domestic and international players has boosted the availability of products.

MARKET OVERVIEW

Sources: Flavors of Incredible India, Ernst & Young, 2009; http://www.apddcf.gov.in


12

Key players — agri products

Company Major brands Categories/Products

Dabur India Ltd Dabur, Real Activ, Vatika, Pudin Hara Juice, honey, spices, cooking pastes and coconut milk

Godrej Industries Ltd Godrej, Jumpin’, Xs

Oils and vanaspati, bakery fats, fruit drinks and fruit nectar

and non-food items include chemicals and consumer

products

Parle Agro Ltd LMN, Bailey, Appy, Frooti Water, beverages and confectionery

MTR Foods Ltd MTRReady-to-eat and frozen food, spices, dessert mixes, pickle,

papad and beverages

Nestlé India Ltd Nestlé, Maggi, Nescafé Chocolates, snack foods, milk, coffee and infant food

PepsiCo, Inc Pepsi, Frito-Lay Carbonated drinks, juices and snack foods

Cadbury India Ltd Dairy Milk, Perk, Five Star, Gems Chocolates, malt food and cocoa powder

Hindustan Unilever Ltd

(HUL)

Brooke Bond, Annapurna, Kissan,

Knorr, Kwality Walls

Tea, coffee, biscuits, ice creams, atta (flour), instant drinks,

soups, jams and squash and other FMCG products

Britannia Industries Ltd Britannia, Tiger, Bourbon, GooddayBiscuits, flavoured milk, dairy whitener, ghee, bread, cheese

and cake

Source: Flavors of Incredible India, Ernst & Young, 2009.Note: This is an indicative list.

MARKET OVERVIEW


13

Company CapacitiesMajor

brandsCategories/Products

Gujarat Cooperative Milk

Marketing Federation (GCMMF)

6.6 million litres per day

from 19 dairy plantsAmul

Ice cream, skimmed milk powder, ghee, dairy

whitener, paneer, shrikhand (sweet yogurt), pizza,

cheese and butter

Andhra Pradesh Dairy

Development Cooperative

Federation (APDDCF)


from 12 dairy plantsVijaya

Table butter, ultra high temperature (UHT) milk,

skimmed milk powder, ghee, flavoured milk, khoa,

pasteurised butter, kulfi and processed cheese

Karnataka Cooperative Milk

Producers’ Federation (KMF)

2.13 million litres per

day from 15 dairy plantsNandini

Skim milk powder, paneer (cottage cheese), pure

ghee, badam burfi, gulab jamun, pasteurised butter,

khoa, ice cream, toned milk and curd

Maharashtra Rajya Sahakari

Maryadit Dugdh Mahasangh

(Mahasangh)


from 29 dairy plants

Mahanand

,GokulPasteurised butter and pure peda

Punjab State Cooperative Milk

Producers’ Federation

(MILKFED)


from nine dairy plantsVerka

Ghee, flavoured milk, paneer, ice cream, skimmed

milk powder, lassi, table butter, sweets and cheese

Tamil nadu Cooperative Milk

Producers’ Federation Ltd

(TCMPF)


from 15 dairy plantsAavain

Skimmed milk powder, khoa, milk peda, pure ghee,

butter, cheese, yogurt, table butter, ice cream, UHT

standardised milk, curd and buttermilk

National Dairy Development

Board (NDDB)2.8 million litres per day

Mother

Dairy

Milk, cheese, butter, ice cream, ghee, cheese, UHT

milk, curd, lassi and flavoured milk

Key players — milk and milk products

MARKET OVERVIEW



14

Company Capacities Major brands Categories/Products

Hind Agro Industries Ltd 400 tonnes

Fast Prax

(fast-food

outlets)

Meat of buffalo, sheep and goat

Allanasons LimitedSale of more than 333,000

tonnes of frozen food in 2008

Premier (fruits

and vegetables)

Saffa (meat)

Fish and meat of buffalo and goat

Processed fruits and vegetables, coffee, cereals,

pulses and spices

VH Group 194 units across hatcheries

and broiler unitsVenky’s Chicken and eggs

Al Kabeer Processed meat Al KabeerVegetables and fruits, snacks, meat and poultry,

ready-to-eat meals and seafood

Key players — meat and marine products

MARKET OVERVIEW



15

Other key players

Processed food

categoryComponents Major companies

Alcoholic beverages Beers, ciders, spirits and wines

United Breweries Ltd, Shaw Wallace, Radico Khaitan, Mohan

Meakins, Sula Vineyards, Seagram India and Mount Shivalik

Group

Non-alcoholic

beverages

Carbonated drinks, bottled water,

health/energy drinks, (fruit) juices

and malted beverages

Pepsi Foods, Dabur Foods, Coca Cola, Mother Dairy,

GlaxoSmithKline (GSK), Cadbury, Nestlé, Heinz, Amul and

Rasna International

Confectionery

Sugar confectionery, chocolates,

gum, cereal bars, cocoa products,

bakery products (cakes, biscuits,

bread, pastries and rusk), toffees,

candies and chewing gum

Britannia Industries Limited, Modern Industries, Parle Products,

ITC Foods, United Biscuits, McVities, Cadbury, Nestlé, Nutrine,

Parry’s Confectionary and Parle Products

Savoury snacks

Potato chips, nuts and seeds,

processed snacks, popcorn; wheat-

based products such as noodles,

vermicelli, macaroni and spaghetti

McCain Foods, Hindustan Unilever Limited (HUL), Nestlé,

Heinz, Top Ramen, Frito-Lay and Pepsi Foods

Others

Packaged flour, semi-

processed/ready-to-eat food and

edible oil

DCW Group, HUL, Godrej Pillsbury, Nature Fresh Food India

Pvt Ltd, ITC, Shakti Bhog, MTR Foods and Marico

Source: Ernst & Young researchNote: This is an indicative list.

MARKET OVERVIEW


16

Contents

Advantage India

Market overview


Investments


Opportunities



17

Industry infrastructure — Agri Export Zones … (1/2)

State Products

Andhra Pradesh Mango pulp and fresh vegetables, grapes, mangoes, gherkins and chillies

Assam Fresh and processed ginger

Bihar Litchi

Gujarat Mangoes and vegetables, dehydrated onions and sesame seeds

Himachal Pradesh Apples

Jammu & Kashmir Apples and walnuts

Jharkhand Vegetables

Karnataka Gherkins, rose onions, flowers and vanilla

Kerala Horticulture products and medicinal plants

Madhya PradeshPotatoes, onions and garlic, seed spices, wheat, lentil and grams and

oranges

MaharashtraGrapes and grape wine, mangoes including Kesar mango, flowers, onions,

pomegranate, banana and oranges

Orissa Ginger and turmeric

Punjab Vegetables, potatoes and basmati rice

Rajasthan Coriander and cumin

INDUSTRY INFRASTRUCTURE


18

Industry infrastructure — AEZs … (2/2)

State Products

SikkimGinger, flowers (orchids) and cherry

pepper

Tamil Nadu Flowers, mangoes and cashew nuts

Tripura Pineapples

Uttar PradeshPotatoes, mangoes, vegetables and

basmati rice

UttaranchalBasmati rice, litchi, flowers, medicinal and

aromatic plants

West BengalPineapples, litchi, potatoes, mangoes,

vegetables and Darjeeling tea

The total number of AEZs in India is 60.

Source: ―Agri Export Zones of India,‖ APEDA website,

www.apeda.com, accessed 8 November 2010.

Source: ―Agri Export Zones of India,‖ APEDA website,

www.apeda.com, accessed 8 November 2010.

Distribution of AEZs among states

8

6

5

5

444

4

20

Maharashtra

West Bengal

Andhra Pradesh

Madhya Pradesh

Karnataka

Uttaranchal

Uttar Pradesh

Tamil Nadu

Others

INDUSTRY INFRASTRUCTURE




19

Contents

Advantage India

Market overview


Investments


Opportunities



20

Investments … (1/2)

• The largest inbound deal between January 1, 2009 and August 1, 2010 was the acquisition of the businesses of Eastern Condiments Pvt Ltd, by McCormick & Co Inc, for US$ 35.0 million (INR 1,680 million).

• In 2010 — Shree Renuka Sugars Ltd acquired Equipav S.A Açúcar e Á lcool for US$ 1,160.0 million (INR 55.7 billion) in a major outbound deal.

Cumulative FDI inflow

Period: April 2000 to August 2010

SectorAmount of FDI inflow

(US$ million)

Agricultural services 1,538.18

Food processing industries 1,086.01

Fermentation industries 786.72

Agricultural machinery 150.25

Vegetable oils and vanaspati 185.65

Tea and coffee 94.57

Sugar 41.74

Total 3,883.12

M&A scenario — details

Period : January 1, 2009 to November 1, 2010

Deal type No of dealsDeal value

(US$ million)

Inbound 5 43.0

Outbound 7 1,402.8

Domestic 17 185.1

Sources: Bloomberg and Thomson ONE Banker; Ernst & Young

analysis.

Source: ―Fact Sheet on Foreign Direct Investment (FDI)‖, Department

of Industrial Policy and Promotion website, www.dipp.nic.in, accessed

8 November 2010.

INVESTMENTS


http://www.dipp.nic.in/

21

DealDeal

type

Announcement

date

Announced

total value

(US$ million)

Target nameTarget

countryAcquirer name

Acquirer

country

Domestic ACQOctober 12,

201011.2 Candico India Ltd India Keventer Agro Ltd India

Domestic ACQSeptember 14,

201042.6

Millennium Beer

Industries LtdIndia United Breweries Ltd India

Inbound ACQ June 29, 2010 35.0Eastern Condiments

Pvt LtdIndia McCormick & Co Inc US

Inbound PE June 7, 2010 NATirumala Milk

Products Private LtdIndia The Carlyle Group US

Domestic ACQ March 22, 2010 24.7MP Chini Industries

LtdIndia BK Birla Group India

Outbound ACQFebruary 22,

20101,160.0

Equipav S.A Açúcar e

Á lcoolBrazil

Shree Renuka Sugars

LtdIndia

Domestic ACQJanuary 21,

201085.4

Agro Dutch Industries

LtdIndia

Penta Homes Pvt Ltd,

Vishwa Calibre

Builders Pvt Ltd and

private investors

India

Outbound ACQ November 11,

2009240.0

Vale Do Ivaí SA

Açúcar e Á lcoolBrazil

Shree Renuka Sugars

LtdIndia

• The largest domestic deal during the period was the acquisition of Agro Dutch Industries Ltd by PentaHomes Pvt Ltd, Vishwa Calibre Builders Pvt Ltd and private investors, for US$ 85.4 million (INR 4.1 billion).

Sources: Bloomberg and Thomson ONE Banker.

Note: ACQ: Acquisition; DIV: Divestment; PE: Private equity

Investments … (2/2)

INVESTMENTS


22

Contents

Advantage India

Market overview


Investments


Opportunities



23

Policy and regulatory framework … (1/2)

• FDI in the Indian food processing industry is allowed under the automatic route* in agri products, milk and milk products, and marine and meat products, except the following (broadly):

• Proposals that require an industrial licence and cases where foreign investment exceeds 24 per cent equity in units that manufacture items reserved for the small-scale industries are exceptions.

• Proposals in which the foreign collaborator has a previous venture or tie-up in India, as on January 12, 2005, are exceptions.

• Proposals falling outside notified sectoral policy/caps or those that are generally restricted/prohibited are exceptions.

Source: Flavors of Incredible India, Ernst & Young, 2009.* Note: The entry of foreign/large players is restricted for a few food items.

POLICY AND REGULATORY FRAMEWORK


24

• The repatriation of profits and capital is permitted.

• Automatic approvals are provided for foreign investment and technology transfer in most cases.

• Units based on agri products that are100 per cent export-oriented are allowed to sell up to 50 per cent in the domestic market.

• There is no import duty on capital goods and raw material for 100 per cent export-oriented units.

• Earnings from export activities are exempt from corporate taxes.

Policy and regulatory framework … (2/2)

POLICY AND REGULATORY FRAMEWORK



25

Contents

Advantage India

Market overview


Investments


Opportunities



26

Opportunities … (1/3)

OPPORTUNITIES

Potential global

outsourcing hub

Development of food

parks

Establishment of

production bases


• The Indian food processing sector has the potential to become an outsourcing hub for the world by

2012. The Ministry of Food Processing Industries is committed to the sector and has announced

various incentives and schemes to support new ventures.

• The Ministry of Food Processing Industries’ Vision 2015 action plan includes trebling the size of the

food processing industry, increasing value addition from 20 per cent to 35 per cent, and enhancing

India’s share in global food trade to 3 per cent.

• The Government of India is actively promoting the concept of mega food parks and is expected to set up 30 such parks across the country to attract FDI. The Government of India has released a total assistance of US$ 23 million (INR 1,104 million) to implement the Food Parks Scheme. It has, till date, approved 50 food parks for assistance across the country. The Centre has also planned for a subsidy of US$ 22 billion (INR 1,056 million) for mega food processing parks.

• India has abundant resources in terms of raw material for food production, including fruits,

vegetables, spices, dairy products and edible oils.

• The presence of a skilled workforce and low labour costs are key factors to be considered while

establishing production bases.

• The Government of India has established few notable institutes for research and training in the food

segment. These include the Central Food Technology Research Institute in Mysore (Karnataka) and

the National Institute of Food Technology Entrepreneurship and Management (NIFTEM) in Sonepat,

Haryana.

27


OPPORTUNITIES

Investment in

infrastructure through

public-private

partnerships (PPPs)

Contract farming

Investment in supply

chain infrastructure


• It is estimated that by 2012, India’s marketable surplus will increase to 870 million tonnes per annum (MTPA), 40 per cent

of which is likely to be accounted for by perishable foods, creating opportunities for the development of storage

infrastructure.

• Considerable investment is required in rural infrastructure and components of the supply chain, which is undertaken with

the involvement of all stakeholders on a PPP basis. This is likely to add value and help producers obtain better prices and

income.

• The Central Government envisages an investment of US$ 21.89 billion (INR 1,050.72 billion) by the private sector in the

food processing industry by 2015.

• Contract farming is an agreement between the food processor (contractor), typically a large organised player, and the

farmer, where the latter is contracted to plant and produce the former’s crop on his land.

• HUL Rallis and ICICI are practicing contract farming in wheat in Madhya Pradesh. Under the system, Rallis supplies agri

input and know-how, and ICICI finances (farm credit) farmers. HUL, which requires the farm produce as raw material

for its food processing division, provides the buyback arrangement for the farm output.

• Scandic Food India Pvt Ltd is planning to increase its presence to 800 cities during 2010–11 from a present 250 through

contract farming, to revive its Sil brand. The company is now taking to contract farming to secure the supply of fresh

fruits and commodities such as chilli, tomatoes etc. for its jams and ketchups.

• There is a considerable scope to use sophisticated techniques and applications in areas such as demand forecasting, data

integration, fund-flow management and information sharing to improve supply chain management.

• In addition, the expansion of storage facilities is expected to help minimize wastage in the production of fruits and

vegetables.

• The Indian Government has initiated a number of activities to facilitate growth of the logistics and warehousing sectors.

For instance, the Government has announced investment–linked tax incentives for setting up and operating cold chains

and warehousing facilities and permitted 100 per cent FDI in food–related infrastructure such as food parks and cold

chains.

28


OPPORTUNITIES

Processed food

Sources: ―India to become global outsourcing hub by 2012,‖ Confederation of Indian Industry (CII) website, www.cii.in, accessed 8 November 2010;

Ministry of Food Processing Industries 2008–09 annual report; Flavors of Incredible India, Ernst & Young, 2009; ―Investment worth US$ 21.89 billion

envisaged in food processing industry ,‖ IBEF website, www.ibef.org, accessed 8 November 2010, ASSOCHAM report


• The food processing industry, accounting for 32 per cent of the total food market, is one of the

largest industries in India, and is ranked fifth in terms of production, consumption, export and

expected growth.

• Potato chips, confectionery, cereals and bakery, spirits, spreadable fats, processed milk, frozen

and chilled meat and marine products are a few key categories in the processed food space in

the Indian market.

• Currently, India processes more than one-third of its milk, 26 per cent of its fisheries output, one-

fifth of all its buffalo meat, six per cent of poultry, and 2.2 per cent of fruit and vegetables. With the

necessary investment, these figures could increase to about 40 per cent for fisheries, close to 15 per

cent for poultry, 60 per cent for milk and 40 per cent for buffalo meat.

• Investments worth US$ 30 billion (INR 1,440 billion) are required to increase the volume of

processed food products to 10 per cent of overall output by 2015.

• With urbanisation and disposable incomes rising, the lifestyle of consumers and their eating habits

have evolved, thereby increasing the demand for processed and ready-to-eat food.

• The Government of India has undertaken several initiatives to attract investments in this segment,

such as financial assistance for the establishment and modernisation of food processing units, the

creation of infrastructure, support for R&D and human resource development.

http://www.cii.in/

http://www.ibef.org/

29

Contents

Advantage India

Market overview


Investments


Opportunities



30


Agricultural and Processed Food Products Export Development Authority (APEDA)

NCUI Building 3, Siri Institutional Area,

August Kranti Marg, New Delhi – 110 016

Phone: 9111 26513204, 26514572, 26534186

Fax: 91 11 26526187

E-mail: [email protected]

INDUSTRY ASSOCIATIONS


mailto:[email protected]

31

Note

Wherever applicable, numbers in the report have been rounded off to the nearest whole number.

Conversion rate used: US$ 1= INR 48

NOTE


32

India Brand Equity Foundation (―IBEF‖) engaged Ernst &

Young Pvt Ltd to prepare this presentation and the same

has been prepared by Ernst & Young in consultation with

IBEF.

All rights reserved. All copyright in this presentation and

related works is solely and exclusively owned by IBEF. The

same may not be reproduced, wholly or in part in any

material form (including photocopying or storing it in any

medium by electronic means and whether or not

transiently or incidentally to some other use of this

presentation), modified or in any manner communicated

to any third party except with the written approval of

IBEF.

This presentation is for information purposes only. While

due care has been taken during the compilation of this

presentation to ensure that the information is accurate to

the best of Ernst & Young and IBEF’s knowledge and belief,

the content is not to be construed in any manner

whatsoever as a substitute for professional advice.

Ernst & Young and IBEF neither recommend nor endorse

any specific products or services that may have been

mentioned in this presentation and nor do they assume

any liability or responsibility for the outcome of decisions

taken as a result of any reliance placed on this

presentation.

Neither Ernst & Young nor IBEF shall be liable for any

direct or indirect damages that may arise due to any act

or omission on the part of the user due to any reliance

placed or guidance taken from any portion of this

presentation.

DISCLAIMER


Date post:	03-Feb-2022
Category:	Documents
Upload:	others
View:	3 times
Download:	0 times

FOOD PROCESSING - India Brand Equity Foundation

Documents