look news india
New Delhi, 16 October (Hindustan Reporter). Ethnic snacks maker Bikaji Foods International Ltd, through its wholly owned subsidiary Bikaji Foods Retail Ltd (BFRL), has bought 53.02 per cent stake in Lucknow-based café and artisan sweets chain Hazelnut Factory Food Products Pvt Ltd for Rs 131 crore.
Bikaji said in the information given to the stock market on Wednesday that through BFRL, the company has purchased 53.02 percent stake in cafe and artisan sweets chain Hazelnut Factory Food Products Private Limited for Rs 131 crore. According to the company, this investment will be made in installments, which is expected to be completed in the next 2 years. Through this acquisition, Bikaji aims to establish a brand house to cater to unique customer tastes and preferences. Additionally, Bikaji aims to establish itself as a leading player in the Quick Service Restaurant (QSR) domain.
Deepak Aggarwal, Managing Director (MD), Bikaji Foods International, said in a statement that this acquisition is an important step in Bikaji's journey to expand beyond traditional ethnic snacks and enter the retail QSR, premium artisanal sweets and bakery segments. He said that this strategic move not only marks our entry into the high-growth QSR sector, but is also in line with our vision of building a 'House of Brands'. He said that with a wide portfolio including Bhujia, Namkeen, packaged sweets, papad and frozen foods, Bikaji is dedicated to bringing the authentic taste of India to snack lovers across the globe.
Hazelnut Factory is an established café cum artisanal sweets brand. It has a retail presence of six stores in Lucknow and 1 store each in Kanpur and Delhi. The brand also offers a range of specialty coffees, artisanal sweets, bakery and pastries as well as café menus. The acquisition of The Hazelnut Factory will boost Bikaji's 'Brand House' by providing cross-selling opportunities, flexible menu offerings, a diverse customer base, a diverse brand portfolio, shared facilities and resources and enhanced market presence.
It is noteworthy that Bikaji Foods International is India's third largest ethnic snacks company, known for its diverse range of traditional Indian snacks and sweets. Founded in 1993 by Shiv Ratan Agarwal, the company has become a household name with a presence in 25 states and four union territories. Apart from this, Bikaji also exports its products to 25 countries including North America, Europe, Middle East, Africa and Asia Pacific.