For Immediate Release
March 20th, 2014
SEAF India Agribuiness Fund has invested in Himadri Foods Ltd., one of the leading spice brands in India who will use the funds to expand its business in the international market as well as develop a strong domestic brand.
Mumbai, India – SEAF India Agribusiness Fund (“SEAF India Agri.”) has invested in Himadri Foods Ltd. (“HFL”), with funds going towards setting up a new plant at Maharashtra Industrial Development Corporation (MIDC) in Mumbai to increase the capacity, while providing working capital.
Himadri Foods Limited (“HFL”) was started more than fifty years ago by a husband-wife entrepreneur team as a retailer of spices in Mumbai, Maharashtra, catering to local customers. With a reputation for integrity and consistent quality, the company grew and evolved into a manufacturer of basic and blended spices. It transitioned to the export market, and today\ exports 77% of its products to the US, Europe, Japan and Middle East.
HFL’s wide array of spices includes over 50 products, primarily consisting of chili, turmeric and coriander as basic spices, and garam masala (used extensively in Indian cuisine), curry powder, meat masala, and chicken masala as blended spices. The company launched its brand named “HIMADRI” in 2008 for blended spices and later included its basic spices under this brand.
“Led by an outstanding team with a demonstrated track record, SEAF believes that the Company can scale up to 4x its current size in 5 years,” says SEAF India Agribusiness Managing Director Hemendra Mathur.
The company set up its own manufacturing unit at Rabale, Navi, Mumbai in 1992 and acquired a packaging unit at Mahape, Maharashtra Industrial Development Corporation (MIDC) in 2008. In order to integrate its units, HFL acquired a larger plot of land at MIDC and has started construction of a manufacturing facility along with warehouses, cold storage, and packaging lines. These improvements will allow HFL to both scale up production as well as increase its efficiency as a result. SEAF India Agri’s investment will be used to complete such construction.
Himadri is one of the only companies in India whose quality control laboratory has received NABL accreditation, which implies stringent quality standards and thereby efficient and high quality production.
For more information on Himadri Foods Ltd., please visit http://hfpl.tripod.com/.
For the full press release, please click here.
About the SEAF India Agribusiness Fund
The SEAF India Agribusiness Fund targets investment in fast-growing agribusiness focused companies in India. With the world’s second largest amount of arable land and a rapidly growing economy, India represents a tremendous opportunity for investment in the agribusiness sector. Recognizing the technological talents in India, and relying on a team with extensive experience in Indian agribusiness, the Fund focuses on companies in the food value chain with strong management, with a demonstrated track record, and innovative and superior technology for productivity improvement and value addition. The Fund commenced investment operations in 2010.