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New Delhi, Sept. 28 Bharti Enterprises and EL Rothschild Ltd on Friday announced that Del Monte Pacific Ltd, producers, marketers and distributors of premium food and beverage products, had bought 40 per cent stake in their joint venture, FieldFresh Foods Pvt Ltd. This will also make Del Monte the second largest stakeholder in the agri joint venture.

While Bharti will continue to hold 50 per cent in FieldFresh, Rothschild will become a minority stakeholder in the venture. FieldFresh was incorporated with a focus on linking Indian farm produce with the world and has been exporting fresh fruits and vegetables to key markets including the UK, West Asia and Europe.

The renewed focus of FieldFresh will reflect the changing retail environment and move from just fresh produce to food and beverage processing as well. Given the growing opportunities in the domestic economy, FieldFresh plans to enhance its focus through value-added products in the domestic market, including developing a comprehensive strategy to serve the market’s business-to-business (B2B) segment. The company will continue to cater to export markets.

Commenting on the announcement, Mr Rakesh Bharti Mittal, Vice-Chairman, Bharti Enterprises, said, “We look forward to having Del Monte Pacific as a partner in our agri venture, FieldFresh. Having created the basic building blocks of the business in the fresh produce category, we are looking at up-scaling our operations through processing and value-added products. Del Monte will bring to FieldFresh its immense strength and experience in the area of processing branded food products.”

“India is the second largest producer of fruits and vegetables in the world, but with an insignificant percentage of processed foods. Currently, about 20-25 per cent of fruits and vegetables are wasted due to spoilage. The potential in both fresh and processed segments is tremendous. We are excited to join hands with Bharti and Rothschild,” said Mr Joselito D Campos Jr, Managing Director, Del Monte Pacific Ltd.

More Stories on : Retailing | Horticulture/Fruits & Vegetables | Mergers & Acquisitions

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