Vineet Agrawal, CEO, Wipro Consumer Care and Lighting said India’s spices market was pegged at ₹70,000 crore of which the organised sector had only a small share at ₹12,000 crore. File
| Photo Credit: G.R.N. Somashekar
Wipro Consumer Care and Lighting on Monday said it has forayed into the food and spices business by entering into a definitive agreement to acquire Nirapara, Kerala-based packaged food and spices brand.
The 46-year-old brand, which prepares rice powder for appam, idiyappam, puttu, dosa and idli and curry spices, had an annualised revenue of ₹100 crore and a final valuation of the buyout would be fixed after 12 months, said Vineet Agrawal, CEO, Wipro Consumer Care and Lighting.
“We have already invested some money in Nirapara towards upgrading and modernising its manufacturing and processing facilities. The final valuation details will be decided towards the end of a 12-month period,’‘ he added.
Mr. Agrawal further said India’s spices market was pegged at ₹70,000 crore of which the organised sector had only a small share at ₹12,000 crore.
“The major chunk of the country’s spice market remains unorganised and therefore the sector has a lot of scope for M&A activities. We are constantly exploring suitable options in this space to grow this business,’‘ he said.
Some 63% of Nirapara’s business currently comes from within Kerala, 8% from the rest of India while 29% from exports, primarily from GCC countries
“It is a huge segment that is expected to grow rapidly especially in locations where there is concentration of Indian diaspora,’‘ Mr. Agrawal said adding, “To start with, our focus will be on the Southern region and also on West India.’‘
