Food company Chipita’s consortium with Indian peer Britannia Industries foresees revenues of some 26.65 million euros in the first three years of operation in India and a 25 percent market share from the packaged croissant to be produced in the subcontinent.
The consortium, Britchip Foods Ltd, is constructing a croissant factory at Tamil Nadu in India which is expected to start operating by July 2018, the Indian company’s director Varun Berry told financial analysts and investors last week.
Britannia Industries holds a 60 percent stake in the consortium, with Chipita controlling the other 40 percent. Britannia expects the Greek company to help it meet the major demand for packaged croissants, given the Asian country’s large youth population. Chipita has made a name for itself abroad by penetrating snack markets in the Middle East and Egypt with its croissants.
Domestically, Chipita is as of Tuesday expecting the response of small shareholders in Nikas, as Chipita, owner of 89.74 percent of the cold cuts producer, aims to squeeze out the remaining 10.26 percent. It is offering a price of 0.364 euros per share.