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<keyword id="22602686" type="General" weightage="20" keywordseo="Haldirams" source="keywords">Haldiram’s</keyword> is India’s one of the most-loved companies when it comes to snacks, as well as sweets. The brand’s name is synonymous with reliability and has a sense of nostalgia. It ranks 158th among India’s most trusted brands, as per Trust Research Advisory. But, a few years ago, the <keyword id="19967159" type="General" weightage="20" keywordseo="us-food-and-drug-administration" source="keywords">US Food and Drug Administration</keyword> (FDA) banned the import of Haldiram's snacks due to alleged <keyword id="21963951" type="General" weightage="20" keywordseo="food-safety-violations" source="keywords">food safety violations</keyword>. Now, as per media reports, an American brand is preparing to take a majority stake of 51% in this legacy food and beverage brand from India. Earlier this month, Moneycontrol reported that NYC-based investment management company <keyword id="20144468" type="General" weightage="20" keywordseo="Blackstone" source="keywords" meta.keywordsubtype="org" meta.entityname="Blackstone" meta.hostid="261" meta.entityid="Blackstone">Blackstone</keyword> might acquire a <keyword id="20643311" type="General" weightage="20" keywordseo="controlling-stake" source="keywords">controlling stake</keyword> in the company. <h2>Rebuilding the legacy of Haldiram's</h2>In May, an Economic Times report claimed that 76% of the company could be acquired by Blackstone. However, latest reports say that Blackstone has revised the offer and might get only a 51% stake in the snacks company. A recent report in Moneycontrol says that Blackstone is expected to bid a whopping Rs 40,000 crore for 51% stake in the company. This strategic investment also marks Blackstone's ambitious entry into the burgeoning <keyword id="22602688" type="General" weightage="20" keywordseo="Indian-snack-market" source="keywords">Indian snack market</keyword>. If the deal goes through, Haldiram's could be valued at around Rs 70,000 to Rs 78,000 crore. Earlier this year, Blackstone had expressed its intention to invest over $2 billion annually in India, owing to the increasing ‘ease of doing business’ in the country. “Blackstone only buys what we can build; we’re always looking for opportunities to make companies better. Even before we make an investment, we have a plan for how to build the business, so that what we buy is not what we sell,” Blackstone’s Head of Asia for Private Equity Amit Dixit had said in 2022. <h2>Key details of potential acquisition</h2>The Moneycontrol report also adds that the deal has been in the works for several months, with numerous hurdles along the way. Key issues, such as the ownership of Haldiram's restaurants and the brand licence, have now been resolved, paving the way for the finalisation of the transaction. Sources told Moneycontrol that these contentious points had previously stretched negotiations, but with their resolution, the deal is expected to close imminently, barring any unforeseen regulatory hurdles. Blackstone's investment might grant the firm controlling power and a perpetual licence for Haldiram's product business, a significant advantage as it steps into India's lucrative food sector. The Haldiram family, however, is likely to retain rights to the restaurant operations and will receive an annual royalty for the use of the brand. This arrangement ensures that the family's legacy and operational control over their restaurant ventures remain intact, while Blackstone focuses on expanding the product business. This acquisition is more than just a financial transaction; it represents a strategic manoeuvre by Blackstone to capitalise on the growing demand for packaged snacks in India. The Indian snack market has been experiencing rapid growth, driven by changing consumer lifestyles and increasing disposable incomes. By acquiring a controlling stake in Haldiram's, Blackstone is set to leverage the brand's strong market presence and expand its footprint in the fast-growing sector. According to data by market research company IMARC Group, the Indian snacks market stood at Rs 42,694.9 crore in 2023, and is expected to reach Rs 95,521.8 crore by 2032, with a staggering CAGR of 9.08%. As Blackstone prepares to close this deal, all eyes will be on how the partnership will unfold and the impact it will have on Haldiram's future.

Daal me kuch kaala! Is Blackstone acquiring majority stake in Haldiram’s for Rs 40,000 crore?

<ul><li><keyword id="191457" type="CITY" weightage="20" keywordseo="Haldirams">Haldirams</keyword> will now be available for sale in the US, through Amazon’s Global Selling Program.</li><li>For Haldirams, the US was already a big market forming 40% of its annual revenues from offline exports.</li><li>The partnership with Amazon will give Haldirams greater access to the US market.</li></ul>From its bhujia to its gulab jamun and the soan papdi, Haldirams is an iconic Indian brand that has made it way to every nook and corner of the country. And it’s not a rare sight to see an Indian settled abroad, stuff his or her suitcase with Haldiram packets before leaving their home country. Now the 37-year old brand is making its way to the US, through Amazon’s global selling program. For Haldirams, the US was already a big market forming 40% of its annual revenues from offline exports. The partnership with Amazon will give Haldirams greater access to the US market. “Our loyal customers have helped us retain our leading position in the market for over ten years, and we want to further expand our presence amongst our global customers. With Indians settled across the world, there is a growing appetite for snacks that remind them of home,” said Pankaj Agarwal, MD Haldiram Snacks. Within a week of its launch, Haldiram’s products Nut Cracker and Soan Papdi have already become a hit in the US. “Haldiram’s is one of the most trusted and beloved FMCG brand in India, and through the Global Selling program, we offer them end-to-end solutions to cater to the growing appetite for quality ‘Made in India’ products amongst global consumers,” said Mr. Abhijit Kamra, Director and Head - Global Trade, Amazon India. Amazon Global Selling Program was launched in 2015 and is already making $1 billion in cumulative exports. It expects the number to go up to $5 billion by 2023.

You can now order Haldirams bhujia, soan papdi in the US through Amazon

After the Maggie row, the food safety debate has become intense both in India and abroad. More than 2,100 import batches of ‘made in India’ products across food, personal care and health supplement categories were rejected by the US food and drug regulator in the past one year. Most of the products were by leading companies such as <keyword id="6365619" type="CITY" weightage="100" keywordseo="Hindustan-UniLever">Hindustan Unilever</keyword>, Britannia, <keyword id="6356830" type="CITY" weightage="100" keywordseo="Nestle-India">Nestle India</keyword>, Haldiram, Heinz India and MTR Foods. 
 
 The reasons for rejection vary from minor labelling issues to products manufactured in unhygienic conditions to pesticides being above permissible limits, according to data put out by the <keyword id="6356255" type="ORGANIZATION" weightage="80" keywordseo="US-Food-and-Drug-Administration">US Food and Drug Administration</keyword> (USFDA) on its website. 
 
Several companies argued that the bulk of products were shipped without their knowledge by unauthorised third-party traders. 
 
 "Instances of product rejections could be either due to improper storage and distribution done by unauthorised exporters. In case our official export products are rejected, we always re-test them at FDA-approved labs," said AK Tyagi, director at <keyword id="2897684" type="UNKNOWN" weightage="80" keywordseo="Haldiram-Manufacturing-Ltd-">Haldiram Manufacturing Ltd.</keyword> Tyagi added that the US FDA regularly inspected its facilities in India and its products conform to global safety norms. 
 
RS Sodhi, managing director of Gujarat Co-operative Milk Marketing Federation, the maker of Amul dairy products, said while quality standards of Indian packaged food products were based on global norms, rejection of batches was an important issue which needed to be addressed. 
 
Britannia said it exports to the US only out of USFDA-registered factories in India and meets all product and labelling standards. The products that were rejected by the USFDA were not shipped directly by the company. 
 
Similarly, both Hindustan Unilever and Nestle India said the products that were banned were not exported by them. 
 "We wish to clarify that in 2015, HUL has not received any refusal from USFDA for any of the products that it exports to the US market through its authorised distributor which is registered with the USFDA. We wish to further clarify that the <keyword id="6354298" type="ORGANIZATION" weightage="40" keywordseo="stocks">stocks</keyword> refused import into the US by USFDA in 2015 have not been exported by HUL,” said a company spokesman. 
 
A Nestle spokesman said the company had checked the FDA site and some of the batches are described as coming from factories that do not produce products for export to the US. 
 
 "This means that the batches were so called 'grey market' exports - exports which were not organised or controlled by the company but by other individuals or entities. This explains why the batches were rejected," he said At times, companies are not even aware that their products have been rejected. "As a responsible company, we will always cooperate with any query should it come in," said a <keyword id="2200852" type="COMPANY" weightage="100" keywordseo="Mondelez-India">Mondelez India</keyword> spokesperson. 
 
 
After the Maggie row, The USFDA, too, has begun testing of samples of Maggi noodles manufactured in India and sourced by retailers in America from third-party importers 
 
Instances of rejection have marred India’s food industry’s image previously too. Just last month, the USFDA rejected 53 Haldiram-made consignments due to presence of pesticide in fried snacks, potato snacks and sweets, claiming they were either not adequately processed or manufactured, or packaged in insanitary conditions. 
 
 
In April this year, Mondelez India's batch containing chocolate candy bar with nuts and fruits was rejected since "the article appears to have been manufactured, processed, or packed under insanitary conditions", said a statement on the FDA website. 
 
Also, one might remember that in January, it had rejected instant noodles manufactured in Nestle's Moga factory since the packaging label didn't outline all ingredients. 
 
(image credits: demanjo.com)

Haldirams, Britannia and HUL cannot sell its food
products in the US. Know why

<ul><li>The Bikaner based ethnic snacks player says that its QSR strategy will play out in the next 18-24 months.</li><li><keyword id="1872606" type="General" weightage="20" keywordseo="bikaji" source="Orion">Bikaji</keyword> says that it’s using pricing and other promotional means to push competition from regional and local players.</li><li>The company plans to expand geographically and is also eyeing exports and intends to keep up with double digit volume growth for the next ten years. </li></ul>While its closest competitor Haldiram’s is expanding its quick service restaurant (QSR) chain, recently-listed Bikaji is choosing to go slow and steady. The ethnic snacks player says that it has a plan in place but will play out its QSR strategy over the next 18-24 months. “For a successful QSR, we need a strong base kitchen because you cannot have different quality in each restaurant. Consistency is very important,” Rishabh Jain, CFO of Bikaner told Business Insider India, in an interview. The company already has two such restaurants in Mumbai, but it wants to build its base before it expands it into a chain. “In Bikaner, we are coming up with a frozen plant and once it’s commissioned in three to six months, we will hold trials of all the foods and roll out our plan,” Jain says. Restaurants, especially QSRs use frozen and ready-to-cook food to deal with supply chain disruptions and keep its taste and quality standardised across the chain. It plans to expand its QSR business with restaurants in nearby areas like Rajasthan, initially. But it believes that this route of growth has a long play in the markets. “QSR is a big market and people are experimenting with new products. Bikaji being an old and a renewed brand, can do a good because of the quality and taste that we can bring at the right price point,” Jain adds. <div type="image" title="Rishab Jain" msid="105258222" hostid="261" caption="&amp;lt;p&amp;gt;Rishab Jain, CFO, Bikaji Foods International &amp;lt;/p&amp;gt;"></div> ‘Competition is something we have to live with’ Bikaji recently reported a 5.1% growth in volumes in the second quarter of FY24, and also logged in its best ever volume growth of 17% in the salty snacks category. But, like most of its peers, the company is also seeing a resurgence of smaller, local and unorganised players eating into the market. The snacks market has always been replete with unorganised, regional and local players. In the last 5-6 years they have been hit by GST, Covid and last year it was high inflation. Now that inflation is cooling off, they’re mushrooming back. Bikaji believes that they’ve been able to beat some of it with its wide product mix and pricing strategy. “Consumers are always willing to pay a premium for national brands but the premium shouldn't be too much. For the first time, we have a 10% off on our flagship brand Bikaneri Bhujia. This will reward our loyal customers, recruit competition and push back unorganised players,” says Manoj Verma, COO of Bikaji said in the interview. The company has passed on all the economies of wheat and oil prices cooling back to its customers. But in the long-term, the company believes that high competition in the segment is a norm. “Competition will always be there and we have to learn to live with it,” Verma added. The company has plans to expand beyond its key states of Rajasthan, Bihar and Assam. <div type="image" title="Manoj Verma" msid="105258336" hostid="261" caption="&amp;lt;p&amp;gt;Manoj Verma, COO, Bikaji Foods &amp;lt;/p&amp;gt;"></div> The Bikaner based player sees a long runway for growth in its packaged snacks and sweets business in the country which it believes is a ₹7,000 crore business for both organised and unorganised players. “We are a ₹2,000 crore company so the opportunity is big for us, and depends on how we execute our plans. And, 70% of our business is coming from three states. So, we have all of India ahead of us and export is also a good opportunity,” says Jain. For the last ten years, its volumes have been growing at a 20% compounded annual growth rate (CAGR). It intends to keep up with double digit growth for the next ten years. “Our target is to grow ahead of the category,” Verma adds. SEE ALSO <a href="https://www.businessinsider.in/business/news/cricket-world-cup-boost-missing-for-hotels-an-industry-veteran-explains-why/articleshow/105225847.cms">Cricket World Cup boost missing for hotels – an industry veteran explains why</a> <a href="https://www.businessinsider.in/business/news/bitten-by-inflation-indians-buying-fewer-clothes-this-season/articleshow/105179140.cms">Bitten by inflation, Indians buying fewer clothes this season</a>

Bikaji in no rush to take a big bite of restaurant biz, focus stays on snacks for now

<ul><li>FMCG company Bikaji Foods International is planning to raise ₹881 crore via a public offer.</li><li>The IPO is open for subscription from today, November 3, and will conclude on November 7.</li><li>The price band of the issue is fixed at ₹285-₹300 per share.</li></ul>FMCG company Bikaji Foods International raised ₹262 crore from anchor investors, the company said on Thursday. It has allocated 87.37 lakh shares to 36 anchor investors at the upper price band of ₹300 per share. The mutual fund industry got a huge pie of the shares reserved for anchor investors – 42.16% of the total anchor book size was allocated to 10 mutual funds through 17 schemes amounting to ₹110.51 crore. Tata Mutual Fund, Aditya Birla Sun Life, Canara Robeco, ICICI Prudential MF, WhiteOak Capital, Nippon Life India, Kotak MF, Quant MF, HDFC MF and Edelweiss MF were the mutual funds that were allocated shares in the company. These were followed by foreign portfolio investors including Eastspring Investments, Morgan Stanley, Government of Singapore, Nomura, Blackrock, Neuberger Berman, Carmignac, Goldman Sachs, Bay Capital and Kotak Funds. Anchor investors are marquee institutional investors who are allotted shares in an IPO before the issue opens to the public. As the name suggests, they ‘anchor’ the IPO issue by agreeing to subscribe to shares at a fixed price, thereby indicating a healthy demand for the soon-to-be listed shares. The Bikaji Foods International IPO is a complete offer-for-sale by promoters and shareholders and intends to raise ₹881 crore. The price band is fixed at ₹285-₹300 per share. Shares of the company are currently commanding a grey market premium (GMP) of ₹75 per share. Grey market premium is a premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchange. Bikaji Foods International is the third largest player in the Indian branded snack industry with 9% market share after Haldiram and Balaji. In FY22, Bikaji Foods International’s profit came down by 15.6% to ₹76 crore from ₹90 crore in FY21 due to raw material inflation. Meanwhile its revenue rose to ₹1,610 crore in FY22 from ₹1,310 crore a year earlier. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bikaji Foods International </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,610 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹76 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,310 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹90 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,074 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹56 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹901 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ₹50 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Its profits are also being impacted by a number of factors, including product pricing, raw materials, labour, packaging and fuel costs. Unplanned investment in infrastructure and marketing activities could impact its profit and operating margin, the company said. Bikaji Foods International has seven manufacturing facilities across Rajasthan, Assam, Karnataka and Bihar. The company exports products to 35 countries in North America, Europe, the Middle East, Africa, and Asia Pacific. Here are some of the important details of the IPO: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹285-₹300 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 3 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 7 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 11 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 14 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 15 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 16 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">50 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-trade-flat-despite-us-feds-75-bps-rate-hike/articleshow/95269969.cms">Indian markets trade flat despite US Fed’s 75-bps rate hike</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/bikaji-foods-881-crore-ipo-opens-today/articleshow/95263632.cms">Bikaji Foods’ ₹881 crore IPO opens today</a>

Bikaji Foods raises ₹262 crore form anchor investors; over 40% shares bought by mutual funds

New Delhi, Nov 15 () Following are the top business stories at 1830 hours:
 
DEL37 BIZ-LD INSOLVENCY
Govt notifies rules under insolvency law for resolution of fin service providers
New Delhi: The government on Friday notified rules under the insolvency law to deal with resolution of systemically important financial service providers, excluding banks. 
DCM18 BIZ-LABOUR-GANGWAR-PAYDAY
India mulls 'One Nation, One Pay Day: Gangwar
New Delhi: To safeguard the interest of workers in formal sector, particularly working class, the Centre is planning to introduce 'One Nation, One Pay Day' system, Labour Minister Santosh Gangwar said on Friday.
 
DCM17 BIZ-NCLT-HALDIRAM-KWALITY
Kwality insolvency: NCLT directs lenders to consider Haldiram Snacks' revised offer of Rs 145 cr
New Delhi: The National Company Law Tribunal (NCLT) has directed the lenders of Kwality Ltd to reconsider the revised Rs 145-crore offer by Haldiram Snacks to acquire the debt-ridden dairy firm. 
 
DEL43 BIZ-RUPEE-CLOSE
Rupee extends gains for 2nd day, rises 18 paise to 71.78 vs USD
Mumbai: The rupee appreciated by 18 paise to close at 71.78 against the American currency on Friday, extending gains for a second day on the back of easing crude oil prices and positive trends in equity markets.
 
DEL40 BIZ-LD STOCKS
Markets eke out gains in range-bound trade; Bharti Airtel rallies 8 pc
Mumbai: Market benchmark BSE Sensex closed with modest gains on Friday, led by a spurt in Bharti Airtel and SBI, amid encouraging global cues.
 
DCM27 BIZ-STOCKS-LD-TELECOM
Loss-hit Voda-Idea, Airtel surge up to 27pc on floor price buzz
New Delhi: Telecom stocks on Friday surged up to 27 per cent after reports suggested that the telecom department may fix a floor price for data and voice tariffs, notwithstanding huge losses reported by two leading players for the July-September quarter.
 
DCM23 BIZ-LD TRAI-FLOOR PRICE
No reference from DoT on floor price issue yet: Trai chief
New Delhi: The telecom department has not yet approached the regulator for its views on floor price for tariffs, Trai Chairman RS Sharma said on Friday.
 
DCM14 BIZ-CADILA-USFDA-WARNING
USFDA finds significant violations of CGMP at Cadila's Moraiya plant
New Delhi: The US health regulator has found significant violation of current good manufacturing practice (CGMP) regulations for finished pharmaceuticals at Cadila Healthcare's Moraiya (Ahmedabad) based manufacturing facility. 
 
 
 
 
 
 
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Business highlights

New Delhi, Jun 8 () Paytm on Monday said it has expanded its 'Paytm Postpaid' offering to cover neighbourhood kirana stores and retail chains like Reliance Fresh, Haldiram, Apollo Pharmacy, Croma, Shoppers Stop, among others. Users can utilise Paytm Postpaid to buy grocery and home essentials, and make various bill payments as well. The service is offered in partnership with two NBFCs that offer an instant credit line for various payments to Paytm app users. "Seeing an increasing demand for consumer credit during the ongoing pandemic, the company has increased this credit limit up to Rs 1 lakh of monthly spends to enable payment for large items such as furniture and consumer electronics among others," a statement said. Initially, select users will be shown a 'Postpaid' icon in the Financial Services Section to avail 'Paytm Postpaid' post completion of their online KYC with the partner NBFC. The bill repayment can be done by the 7th of each month. Paytm said the service would provide relief to Paytm users as the increased credit limit and a large set of use-cases will eliminate the need to withdraw cash for meeting monthly household expenses. The company has introduced 3 variants of Postpaid - Lite, Delite and Elite - which will be offered based on partner NBFC's assessment. While Postpaid Lite comes with limits up to Rs 20,000 and a convenience charge, Delite and Elite offer credit limits from Rs 20,000 to Rs 1,00,000 in monthly spends with no convenience charges. It said Postpaid Lite has been designed so that users without excellent credit score are also able to avail the service. It added that there is no cost associated with activating and keeping Paytm Postpaid or any of its variants. "Paytm Postpaid is our mission to provide access to credit to every Paytm user. During this ongoing pandemic, it becomes more important for us to stand by fellow Indians and give them the power to buy on credit when required," Paytm President Amit Nayyar said. SR MKJ

Paytm expands postpaid services to cover kirana stores, retail chains

<ul><li>In its one year of existence, <keyword id="7278856" type="UNKNOWN" weightage="20" keywordseo="82-5-Communications">82.5 Communications</keyword> has pitched to 11 clients and bagged nine in its kitty. </li><li>From bringing a team together with different backgrounds to immersing themselves in the wide spectrum of Indian culture, the founders of 82.5 Communications walk us through their personal journeys on the agency's first anniversary. </li><li> <keyword id="255416" type="PERSON" weightage="20" keywordseo="Sumanto-Chattopadhyay">Sumanto Chattopadhyay</keyword>, Chairman &amp; CCO and <keyword id="137409" type="PERSON" weightage="20" keywordseo="Kapil-Arora">Kapil Arora</keyword>, Co-chairman &amp; CEO shared with us the reason behind pivoting from outsourcing non-WPP partners, the decision to adopt a new ‘elbows-in-approach’ of getting to know consumers, and roadmap ahead. </li></ul><keyword id="168456" type="CITY" weightage="20" keywordseo="WPP">WPP</keyword>'s one-year-old 82.5 Communications, an Ogilvy group agency, started out with an open-source model. The initial plan was to outsource a few services from different partners, as per client’s needs. Mid-way in its journey, the founders realised the pitfalls of out-sourcing. The agency had kept brand custodianship, strategy and content expertise in-house, while working with partners who offered allied services in media, social, PR, retail and activation. However, the agency is pivoting from its open-source model by closing it to the circle of partners within WPP. Explaining why the agency decided to take a detour from its original model, Kapil Arora, Co-chairman &amp; CEO, 82.5 Communications said, “Bringing many cultures of people together, who have a disparate opinion from one another, was very difficult. And while we remained the custodian, we didn't necessarily have control on the final output of what the others were doing. So we pivoted around six months ago, we said open platform still makes sense. We can't build everything ourselves. But let's move that open-platform to within WPP.” He adds, “So now our ecosystem that we've been building over the last four to six months and successfully so -- as a couple of the wins and businesses that we work on -- is because we work with like-minded partners within WPP. We have people who are culturally amenable to us and the way we approach brands as well.” While the agency changed its route six months ago, Arora said that more details will be shared with the media after they build their new ecosystem completely. After on-boarding Rishabha Nayyar as National Planning Lead, the agency will also follow an ‘elbows-in approach to brands.’ It will concentrate on getting to know the consumers under the skin. The conversations with the consumers and clients will be in-depth and the focus will be to maintain the cultural nuances in its final output. Ingenious Ideas In a year of its existence, WPP’s 82.5 Communications has truly carved out a niche for itself by promising ingenious Indian ideas, so much so that they reinvented the 4 P’s of marketing mix and gave it a ‘desi twist’ by calling it SEV, which stands for Solve consumer’s problem, Engage your consumer, Value their money. The agency has built a profile of India-first businesses that resonates with its positioning. Its clientele includes ITC, Bisleri, Himalaya Herbals, Wipro, Cera, Lava, Havells, Luminous, ACC Cement, Nestle MILO, Haldirams, RSPL group, Campus Shoes and <keyword id="210083" type="COMPANY" weightage="20" keywordseo="Pearson-Education">Pearson Education</keyword>, to name a few. “We had said we are an India-first agency talking to this entire opportunity of ‘India first’. Now if you look at our profile of the clients, not one year down the line, 90% of our clients are India-first. As large as the Himalayas and the ITCs of the world and as small as a brand called Jeeru, which sells in Bombay and Gujarat,” shares Arora, who is proud and content with the agency’s growth. Talking about the variety of ads they worked on and how they add an Indian twist to it, Arora said, “Our idea of India is not just one. We tip into cultural nuances, we tipped into Ayurveda, which is about our heritage, we tip into current issues, which is about fake forwards. So we're looking at a spectrum of what India stands for today; and not just one stereotype, at least that is our endeavour.” <keyword id="6375200" type="UNKNOWN" weightage="20" keywordseo="PIYUSH-PANDEY">Piyush Pandey</keyword>, Chairman of <keyword id="531122" type="COMPANY" weightage="20" keywordseo="Ogilvy-India">Ogilvy India</keyword> and CCO - Worldwide, feels that 82.5 Communications has opened up new opportunities for the entire network. He said, “Sometimes the clients of smaller scale think that Ogilvy is too big for me without even talking to us. 82.5 Communications has been able to reach out to those clients, one-on-one and together.” On working under Ogilvy’s halo, Sumanto Chattopadhyay, Chairman &amp; CCO, said, “I always believe that as a human being, your strength is also your weakness. When I was asked to do this, people said that I don’t need to worry because I have Ogilvy behind me, which is a boon but at the same time, people say ‘you are an Ogilvy number two’. And that is definitely not the space that we wanted to be in. We wanted to be an agency of our own name and own right.” Amongst its four branches dwelling in Mumbai, New Delhi, Bengaluru and Kolkata, Chattopadhyay says that Delhi has been the fastest-growing branch, as it grew by 70% in the last two months. Language-first approach 82.5 Communications will now focus on building language capability which is beyond translation or transliteration. “We have already built in-house language thinking expertise beyond Hindi and English, starting with Bengali, Marathi and Tamil. This repertoire will continue to increase through a mix of in-house talent and a circle of friends from the local film and theatre circuits. These are not employees but friends of the agency who tap into the voices of culture today. The Nestle Milo example was a first in that direction,” shares Arora. Arora concluded the conversation by highlighting the advantages of being a small agency. He said, “I think we are and will continue to be a work-in-progress agency. I think our strength is to be able to pivot and change and give you new models. Again and again and again, with your small scale, that's what allows you to do that as long as we keep the fundamentals and our foundation strong.”

82.5 Communications pivots from its open-source model, restricts itself to WPP partners only

Entrepreneurs are a different breed of human species altogether. We mean, who on earth would want to quit their bean bag jobs at Google to start their own restaurants in India. Well, there’s one such entrepreneur who did exactly that! 
 
Meet the 28 year old Vivek Bhargava, who quit his fat paycheck at one of the greatest workplaces in the world, to start his own venture. But hey! This guy wasn’t sure if he wanted to get into the fine dining business at all. In fact, he wasn’t thinking of it. But like they say, destiny had some other plans. 
 “After quitting my job at Google, I first started my own advertising agency and worked on some of the campaigns for Airtel. Eventually, one of my friends asked me to create some campaigns for his restaurant in Haus Khas Village. He introduced me to Priyank Sukhija (who runs 23 restaurants in Delhi NCR, some of which include <keyword id="3323387" type="UNKNOWN" weightage="20" keywordseo="Fat-Ninja">Fat Ninja</keyword>, <keyword id="3323386" type="UNKNOWN" weightage="20" keywordseo="OTB">OTB</keyword>, Fork You and Raas among others) to do their marketing and advertising. And that’s how I took interest in the segment. And eventually turned into one with my first restaurant—Lights, Camera and Action in West Delhi,” says the young restaurateur. 
 
So, how did he meet Manish Sharma, the founder of Yuvi Hospitality,who has also been operating the Pink Room in Haus Khas Village? 
 “Well, Akshay, who is also a restaurateur, introduced me to Manish and together we founded Yuvi Hospitality. Under Yuvi Hospitality, we launched <keyword id="412043" type="UNKNOWN" weightage="20" keywordseo="molecule">Molecule</keyword> in Gurgaon (err, Gurugram),” adds Bhargava. 
 
BI India lists down his restaurants and how they have taken on the who’s who of the fine dining segment. 
 
Molecule 
 
 
 
This US-German themed restaurant in Sector 29 Gurgaon is quite different. The restaurant is a first in itself to have German brewery along with the molecular gastronomy experience in India.​ 
 
Imly 
 
 
 
This one is a new and challenges the iconic Haldirams and Bikaner in Indian snack segment. A train shaped restaurant, this place boasts of authentic (truly authentic) Indian food. 
​ 
Lights Camera Action- Air Bar 
 
 
 
An ode to the glamour world of entertainment, the walls of this themed restaurant are adorned by the famous dialogues of cult Hindi movies. A must for all movie buffs. 
 
Image: Zomato.com 
 
<keyword id="1768029" type="PERSON" weightage="20" keywordseo="Teddy-Boy">Teddy Boy</keyword> 
 
 
 
As the name suggests, it is a 1950s era themed restaurants where waiters would wear clothes inspired by the dandies of the Edwardian era. Pointed shoes anyone? 
 
Image: Zomato.com

This 28 year old ex-Google
employee is turning the restaurant business on its head and he is damn
good

<keyword id="6567188" type="UNKNOWN" weightage="80" keywordseo="Kavin-Bharti-Mittal">Kavin Bharti Mittal</keyword>, the Founder and CEO of <keyword id="44033" type="UNKNOWN" weightage="80" keywordseo="hike">Hike</keyword> Messenger, India’s only indigenous messaging App is a true reflection of his telecom-tycoon father, Sunil Bharti Mittal -calm, composed, observant and extremely adept at handling intrusive and sometimes tricky media questions. He sat down with Business Insider exclusively for over 50 minutes to chat about Hike and where he intends to take the brand. He is a self-confessed workaholic, who’s often found in office as late as 3am, and is known for maintaining a grueling work schedule. 
 
BI: In a segment largely driven by international players such as WhatsApp, Facebook chats, how do you intend to differentiate yourself? 
 
Kavin: There is clearly a different proposition for Hike. ….We've gone super deep in the market to figure out the problems people have. I remember shifting back home from the US. I was in Connaught Place. Next to Haldiram's you had these chat-wallahs. They had this one phone keeping them busy in between the orders. It was a Nokia 1100 phone. I had an iPhone 4S that used EDGE. Since 1996 we lived on the internet, and it became our life. The big question was how would these guys come on the internet. This took me back to my old days in Vasant Vihar when we had a computer and a turbo button that could make the internet into 2 Mbits/sec. Somebody installed a 56KB modem, somebody had a CD, installed Netscape, and we had Yahoo.com. That was the only thing you could access back then. It then evolved to Google, Facebook, and so on. You see churn on data every month and we really believe something as cheap and fast as Hike would be an entry point for a lot of folks in this country. 
 
BI: Talking about the data plans that are available, do you speak to your dad about that? Airtel is one of the most popular in India. It's a trouble that you and I face. 
 
Kavin: I think everybody knows about this. It's nothing new. Airtel's been trying to solve it in their own way by launching sachet packs and so on.' 
 
BI: Yeah, but you're young. Somebody Airtel would look at. Do you give feedback to your father when you speak about it? 
 
Kavin: People keep talking about Airtel of course for obvious reasons. However, it's important to understand we talk to Airtel, Vodafone and Idea all the time. We believe messaging for telcos is a winner. If you ask people what's the reason they buy data pack, the top of the list is messaging. Messaging is driving revenues for telcos today, which is why we must work together and foster a great eco-system. 
 
BI: What are your expansions plans in the next one year. 
 
Kavin: Why are we so worried about going global? I don't understand. There are so many problems to be solved in this market locally. India is a country in 20 countries itself. If we solve these problems in the next 2 years it becomes easier for us to visit other emerging markets that are very similar to India, like Africa, and neighboring countries too. We can then build a sister group and do business with these countries. 
 
BI: In India what are the tech challenges and opportunities that you face because you're a 'made in India' brand. 
 
Kavin: One of the biggest challenges we faced was, "arre yeh toh made in India hai, yeh kharab hoga." We had to fight that again, and again and again. Today, we're the 38thmost exciting brand in the country. If people see companies like us growing, providing them with great experiences, that perception will go away. I think we've done a good job managing that really well. 
 
BI: Going ahead what will be your areas of focus as far as Hike is concerned? 
 
Kavin: There is a lot to be done by going deep in the market, by going local. We really believe we're asking ourselves what can be done on 4G. We're asking some very interesting questions about what's possible on 4G. Hike Direct is no internet, no data charges. 4G is massive bandwidth. So things like video and stuff are likely to be our features. 
 
BI: For our readers if you can please tell us the story about how you came to the word Hike and also the interesting logo that you have saying Hi. 
 
Kavin: Ah, of course. You know, there's nothing special, honestly. We wanted something that is simple, short, catchy and something somebody in the remotest parts of India could pronounce. HiKe! One day we were building the logos, We kept the 'ke' aside and we were like that's our logo. That's the central part today. I think that's the inspiration behind the logo, and it translates very well in different languages. 
 
BI: Talk to us a little bit about your marketing strategy. Also what are the opportunities for marketers to associate with a platform like Hike? 
 
Kavin: One day there's going to be a large opportunity for brands to interact with their customers on Hike. We launched coupons last year as a very small experiment which is the first step to figuring out how we can connect the brands that consumers love and yet be simple. You'll definitely be hearing more from us on that front later. 
 
BI: What was the initial feedback that you received on the initial days of your launch? 
 
Kavin: The first question I remember being asked is, "Why are you building another messaging app? Are you foolish?" Looking back I'm glad we were foolish. I think sometimes it's good to be naive. Our vision was very big. Much bigger than messaging from day 1. There was WeChat and WhatsApp at that time. I think we built a niche on top over the last 3 years. You know, we talk to users a lot of users who love Hike, and that makes our day because they are so entrenched in the brand. We see Hike touching people's lives in different ways. 
 
BI: Simplifying lives, is that your philosophy? 
 
Kavin: Yeah...and we believe we can do it through messaging. 
 
BI: You're a startup, and India is going through An interesting period in that space. Even the Prime Minister has been going around the world talking about how he wants to support startups. What according to you is an ideal environment for a startup? What are the problems that you see here? 
 
Kavin: Today more than ever is the ideal time. There is a market. There is infrastructure getting better. There are lots of teams coming in with great ideas. There is always room to do something. And the best part is to have such a fantastic marketer as the Prime Minister. That's a reason why a lot of people's eyes are on India. 
 
BI: What are the ideas that haven't worked for you? 
 
Kavin: Nothing yet…I think. 
 
BI: That's quite a success rate. 
 
Kavin: There's a lot of stuff internally that we can't talk about. I'm a bit of a perfectionist. Even though Hike calling experience is good, it's not very natural. Nobody goes to Hike to make a call. How can you improve that so that even if you call from your native dialer you can make a Hike call. Am I happy with some of the experiences in the app? No I'm not. I think there's always room for improvement.

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