FieldFresh Foods: the new Bharti-Del Monte JV in food & beverages market
Adding to its already enviable diversified interests in sectors like telecom, insurance, realty and retail, the Bharti group has now marked its foray into the food and beverage (F&B) market - it has partnered with Singapore-based Del Monte Pacific for a 50:50 joint venture named FieldFresh Foods.
On Tuesday, FieldFresh Foods launched Del Monte products, including packaged fruits, fruit drinks, ketchups and an assortment of Italian products.
As per the Bharti-Del Monte joint venture deal, FieldFresh Foods would make a nearly Rs. 100 crore investment for setting up a processed food manufacturing facility at Hosur in Tamil Nadu, which will start producing processed food and beverages by 2010.
Detailing about FieldFresh Foods, Rakesh Bharti Mittal - Vice Chairman and Managing Director of Bharti Enterprises - said that, by the end of this year, the company intends launching Del Monte's products in 15 Indian cities, including Delhi, Mumbai, Pune, Jammu, Ludhiana and Amritsar. In addition, the venture is also likely to invest in research and development operations in Punjab.
Mittal said that the joint venture marks a "significant milestone" for the Bharti group as it ventures into the processed food and beverage segment, in which it plans to "emerge as a leading player."
At the same time, Joselito D Campos Jr - Del Monte's MD & CEO - said: "The food and beverage foray into India is a long-term commitment."