Britannia Industries has set up a new joint venture in India with Greek manufacturer Chipita.
The JV, to be called Britchip Foods Ltd, will initially produce and sell ready-to-eat croissants in the country, with options to expand the offer. Britannia will hold a 60% share of the JV, which will receive an investment of Rs.1bn in the first phase.
The board will have a minimum of five and maximum of ten members, and Britannia has the right of first refusal in case Chipita plans to sell its stake after the expiry of a 10-year lock-in period.
The Coca-Cola Co. has promoted Evguenia (Jeny) Stoichkova to president of global ventures, effective Jan. 1, 2023. Ms. Stoichkova joined Coca-Cola Bulgaria in 2004 and was most recently the president of the company’s Eurasia & Middle East division, a role she has held since 2021.
US-based Perfect Day, is partnering with Onego Bio, which specializes in creating animal-free eggs, aiming to accelerate the timeline to bring the eggs to the market. The business, with the use of its technology, plans to commercialize animal-free ovalbumin, the most abundant egg white protein extracted through precision fermentation.
Food waste costs the EU €143 billion per year (US$141.7 billion), with a report by Feedback EU raising the alarm of how it’s vital to reduce waste from farm to fork 50% by 2030 and the only way this will be achieved is by enforcing a mandatory directive forcing the food industry to do better and retailers to pay a tax of food waste.