The board of directors of Heritage Foods Limited, a leading dairy player, has approved the company’s proposal to foray into the non-dairy food products in the premium nutrition segment.
“We would like to enter the non-dairy food products in the premium nutrition segment. This asset-light businesses will leverage Heritage Foods strong distribution network,” Srideep Kesavan, Chief Executive Officer, Heritage Foods Limited, has said in a statement on Monday.
“This move will not only improve Heritage Foods’ margin profile, but will also de-seasonalise the business, ensuring sustained value creation in the long run,” he said.
“The company strengthened its balance sheet by achieving debt-free status with effect from November 1 with the repayment of the remaining debt of ₹21 crore,” N Brahmani, Executive Director, Heritage Foods Limited, said.