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Britannia acquires 50% stake in Daily Bread
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Saturday, 15 July, 2006, 08 : 00 AM [IST]
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Our Bureau, Bangalore
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ionery and bakery products segment, the Rs 1,800-crore biscuit major Britannia Industries has acquired 50% stake held by Café Coffee Day (CCD) in Daily Bread.
Daily Bread is a Bangalore-based boutique manufacturer and retailer of high-end bakery products, which includes a variety of European breads, pastries and savouries. It is an equal joint venture floated by CCD and Arjun Sekri, an ex-investment banker, which operates in both the institutional and retail segments. At present, it has three outlets in Bangalore and two in Mumbai.
Sekri continues to hold his stake in the firm. "The operation of Daily Bread is synergic to Britannia's. We are exiting because it is just not our core business. But even after
offloading our stake, we will continue to source high-end confectionery from them," says Café Coffee Day director Naresh Malhotra.
While stating that the market for premium products was evolving in the country and had a growth potential, Vinita Bali, managing director, said Britannia's investment represented its strategic intent to diversify its product portfolio into the fast-growing, high-end, branded freshly-baked gourmet foods, and marked its entry into the premium 'out of home' and 'in home' consumption.
The company will use this as a vehicle to supplement its core business with a fast-growing high-margin line of products and will work on developing a national footprint for Daily Bread.
"For Britannia, this represents a new growth opportunity, and over the next few months, you can expect to see a number of offerings and expansion in other cities," she said.
Daily Bread will soon introduce Italian Gelato and frozen desserts in the Indian market. The plans also include launching European-style Delicatessen's and food emporiums in major metros.
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