Tuesday, May 28, 2024
HomeIndustry NewsWipro Consumer Care acquires spices and ready-to-cook brand Nirapara

Wipro Consumer Care acquires spices and ready-to-cook brand Nirapara

Company expects to start operations in two months’ time.

Wipro Consumer Care and Lighting has signed a definitive agreement to buy Nirapara, a packaged food and spices brand from Kerala, and expects to start operations in about two months’ time. The development follows Wipro’s announcement of foray into the food business in India and its aspiration to become a significant player in the snack food, spices and ready-to-cook market.

(From left) Sachin Bansal, CFO, Consumer Care and Commercial and Institutional Business (India and South Asia); Anil Chugh, President, Food Business; and Vineet Agrawal, CEO, Wipro Consumer Care and Lighting and Executive Director, Wipro Enterprises.

“Nirapara is our 13 th acquisition and gives us a clear foothold in the spices and ready-to-cook segment. We are excited to enter a large segment that is expected to grow rapidly,” said Vineet Agrawal, CEO, Wipro Consumer Care and Lighting, and Executive Director, Wipro Enterprises.

Region dominance

As of now, the deal’s size has not been disclosed by the company. “The erstwhile promoters will continue to manufacture and handhold us for the next year to ensure that we are successful in the area we are not familiar with. Therefore, the valuation will depend on how we perform or how we jointly perform. The brand has been acquired for us, but the value depends on the performance that happens over the next 12 months and other parameters, which we’re not disclosing at this point,” said Agrawal.

“Our idea is to take regionally dominant brands, rather than a brand with a 2 per cent market share across the country. From a consumer’s point of view, Nirapara has a strong brand recall,” he added.

Nirapara’s 63 per cent of business comes from Kerala, 8 per cent from the rest of India and 29 per cent from international markets, largely GCC countries. In FY22, it generated revenues of ₹100 crore. The brand is known for its blended spices, especially sambar powder and chicken masala. Launched in 1976, the brand is owned by KKR Group of Companies from Ernakulam, Kerala, and operates in daily consumption categories.

RELATED ARTICLES

Most Popular