Vineet Agarwal, CEO of Wipro Consumer Care and Lighting, said India’s spice market was worth Rs 70,000 crore, of which the organized sector had a small share of only Rs 12,000 crore. file | Photo credit: GRN Somasekhar
Wipro Consumer Care & Lighting on Monday said it has entered into food and spices business by entering into a definitive agreement to acquire Nirapara, Kerala-based packaged food and spices brand.
Vineet said the 46-year-old brand, which manufactures rice powder for appam, idiyappam, puttu, dosa and idli and curry spices, had an annual revenue of ₹100 crore and the final valuation of the buyout would be decided after 12 months. Aggarwal, CEO, Wipro Consumer Care & Lighting.
“We have already invested some money in Nirapara to upgrade and modernize its manufacturing and processing facilities. Final assessment details will be decided at the end of the 12-month period,” he said.
Mr Agarwal further said that India’s spice market is worth Rs 70,000 crore, of which the share of the organized sector is only Rs 12,000 crore.
“Large chunk of the country’s spice market remains unorganized and hence there is a lot of scope for M&A activities in this sector. We are constantly looking for suitable options in this sector to grow this business,” he added.
About 63% of Nirapara’s business currently comes from within Kerala, the rest 8% from India while 29% comes from exports mainly from GCC countries.
“This is a huge segment, which is expected to grow rapidly, especially in places where there is a concentration of the Indian diaspora,” said Mr. Agarwal, “To begin with, our focus will be on the southern region and west India as well. ,