Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
Known for its prowess in the edible oils category, FMCG major Adani Wilmar Limited sees its revenues from the food business growing three-times faster than the traditional edible oils business in next five years, courtesy growing consumer preference for packaged branded foods.
The company’s deputy CEO, Angshu Mallick, said that the Fortune brand in its 20-year history has emerged as the country’s No. 1 edible oil brand, but the coming years will see a drastic change in the revenue mix with its strong food portfolio.
Its food portfolio, which began with besan (gram flour) in 2013, has now expanded to packaged wheat flour, basmati rice, pulses, sugar, ready-to-cook khichdi and the recently-launched soya chunkies.
“Of the total estimated revenues of about ₹30,000 crore, edible oils under the Fortune brand are still about 80 per cent of the business. The food business is about ₹2,000 crore, which we expect to grow three times faster than edible oils due to increased consumer preference for packaged branded foods,” Mallick said in a media interaction marking 20 years of Fortune.
Mallick also stated that unlike the past 20 years, when most of the growth came from commodity and edible oil business, the next five years will see a CAGR of about 15 per cent riding on the growth in the food business, which is expected to take the company’s overall turnover to about ₹50,000 crore.
“This year we have seen oil prices going up by about 20 per cent, which has also reflected in our turnover. Even if the volumes may have gone down due to Covid-19 disruptions, but the price rise in recent months reflects on the higher turnover,” Mallick stated.
Adani Wilmar, which was set up as a 50-50 joint venture between Adani Group and Singapore’s agri trading player Wilmar International Limited, had set up its first edible oil refinery at Mundra port with capacity of 600 tonnes per day, which has now reached to 5000 tonnes per day.
“We have sufficient capacities to meet the growing demand for the next three years. But we will continue to focus on local oils such as mustard oil. Going forward we will invest more in mustard oil and drive the atmanirbhar objective in the edible oil sector. If farmers in Pubjab and Haryana turn to mustard seed cultivation it will be a big boost,” Mallick informed.
The Fortune brand was launched on November 24, 2000, with three products — Fortune Soyabean Oil, Fortune Sunflower Oil and Fortune Cottonseed Oil. Processed at company’s port-based refinery, which handled huge quantities of imported crude edible oils.
Today it offers edible oils spanning across soya, sunflower, cottonseed, mustard, groundnut, rice bran, and functional oils like, Fortune Xpert Pro Sugar Conscious Oil. The company also has a presence in the personal care category with its soap, handwash and sanitisers under the Alife brand.
Indian researchers are working on cells that can store more energy, last longer
To fix a broken bone, doctors often harvest another bone from the patient’s body or from someone else. It ...
Superconductors from IIScScientists at IISc Bangalore have invented a device with a nanocrystal structure ...
Engineering and construction giant L&T has won a licence from the Council of Scientific & Industrial ...
Will a stock continue its current trend or will it reverse? We tell you how you can read chart patterns to ...
Sensex and Nifty 50 saw selling interest on Friday and slumped; selling pressure could continue
Investors with a long-term horizon can consider this offer
Most AMCs have been sending out cryptic e-mails. We tell you how to read between the lines
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
Forget the tuna. The island nation will keep you full and happy with coconut, koftas and jasmine
This year, on Facebook, I saw that someone had posted a list of EASY RESOLUTIONS. I didn’t copy them down but ...
With strokes of quirky humour, Partha Pratim Deb uses pulp, terracotta, glass and discarded cloth to create ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor