REPORT ON AGRO AND FOOD PROCESSING INDUSTRY

Indian Institute of Management Indore Post Graduate Programme at Mumbai Group1 Adip Daniel (2013PGPM001) Atul Katiyar(2013PGPM012) Indranil Ganguly(2013PGPM025) Rachit Pradhan(2013PGPM039) Ria Singhal(2013PGPM046)

EXECUTIVE SUMMARY:
The agro and food industry plays an important role in contributing to the development of the economy. This industry is particularly seen as a potential source for driving the rural economy as it encourages symbiotic relationship between the consumer, industry and agriculture. The Indian food services industry has witnessed strong growth over the past few years .Indian food industry currently stands at Rs 247,680 crore (US$ 39.71 billion) and is expected to peg the Rs 408,040 crore (US$ 65.41 billion) mark by 2018, registering a growth of 11 per cent, according to a report titled 'India Food Service Report 2013' by National Restaurant Association of India (NRAI). Domestically spending on food products forms 21% of the gross domestic product of the country(2010 figures). In terms of consumer spending it takes up 31% share of the consumer's wallet. In order to ensure the growth potential sector, the Government has initiated extensive reforms. Some of them include amendments to certain existing laws such as amendment of the Agriculture Produce Marketing Committee Act, implementation of the National Horticulture mission etc. To promote investments in this sector, the Government allows 100% FDI in the food processing and cold chain infrastructure segments. In spite of the initiatives taken by the Government, productivity is very low in the country. However, still the industry is showing a strong upward trend, given the rising disposable incomes of a growing population, a greater number of younger people, the growth of consumers in smaller towns and an increased propensity of eating outside home. With a growing agriculture sector, healthy livestock, and cost competitiveness, India is fast emerging as a sourcing hub of processed food. The Agro and Food processing industry has become a catalyst for the development of Indian agriculture and is of enormous significance to development. According to CII figures, the food-processing industry has the potential of attracting US $33 billion investment in 10 years and will be in the process of generating employment to the tune of 9 million man-days. Hence this is clearly a very attractive sector for investment and offers significant growth potential to investors.

Table of Contents

Topics Overview Technological Trends and Major Innovations Merger-Acquisition Activity Analysts Views Major Players Profile Government Regulations and Policy Changes Impact of Union Budget 2013-14 Implication of International Treaties such as WTO/FTAs Competition from Foreign Firms, FDI, Imports, Opportunities in Overseas Market References

Page No. 4 8 9 10 12 16 17 18 19

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Overview The actual market size of global food and agro products was estimated to be US $ 4,140.3 billion in 2005. The estimated size of the global market was around $ 3660 billion in 2005 (not considering tobacco industry which constitutes about 11%) and estimated to grow to $ 4320 billion in 2010 with CAGR around 3.35%.The Current global food and agromarket size in 2013-14 is $ 4876 billion. Indias share in global food and agro market is $ 300 billion which is approximately 6% share in global food and agro market. Growth Rate and Market Size of Global food and Agro Industry

Source: Enhancing firm level competitiveness in Indian Food and agro processing Industry, Deloitte, August 2009

India is the second largest producer of food next to china and has the potential of being the biggest with the food and agricultural sector. The food processing industry is one of the largest industries in India ranked 5th in terms of expected growth, production, consumption and export.

Key Facts of Indian Food and Agro Industry: (Sources: Annual Report 2010-11, Ministry of Food Processing Industries (MoFPI) 1) Indian food and agro market is estimated to be around $300 billion by 2015 and the Food processing industry in particular is estimated to be worth $67 billion and expected to increase to $175 billion by 2025. 2) Agricultural exports amounted to $23.2 billion with 1.7% share of world trade in 2010.Exports of agricultural products are expected to account for 5% of worlds agriculture exports by 2014. 3) India is among the top 15 leading exporters of agricultural products in the world. Key Segments of Indian food and Agro Industry 1) Food Grains: 3rd largest producer of food grains producing 250MMT annually Emerged as worlds top rice exporter overtaking traditional leaders, Vietnam and Thailand. Current production price of food grain market stands at 258 billion and is expected to reach $344 in 2025.

Sources: Department of Agriculture and Co-operation FAPRI Agri Report,2009

2) Spices: Total production of spices was 4 MMT and area cultivated for the same was 2.5 million hectares. 5

Export of spices is expected worth $5.6 billion by 2020 Annual Production of spices market was around $ 18 billion in 2012-13. Largest producer of ginger and cardamom. Indias share in global vegetable production is around 15.5% of 890 MMT and 10% of 500 MMT of global production of fruits(excluding melons) Exports of fruits and vegetables worth $26.35 billion and $12.21 billion respectively. Sources: (APEDA, Department of Agriculture and Cooperation)

3) Fruits and Vegetables:

4) Dairy products: Largest producer of milk in the world. Indian Milk production accounts for approximately 15% of global milk production Annual production of Indian Dairy Industry was estimated at $60 billion in 2012-13. 5) Flowers India exported $ 48.5 million to over 90 countries in 2010-11 Flower production was distributed with 1MMT of loose flowers and 69 MMT of cut flowers. Major importers are USA, UK, Netherlands, Germany and UAE. Current Indian Floral Industry stands with an annual production of $ 95.42 billion.

6) Processed foods and Beverages Currently Worth around $67 billion and expected to increase to $175 billion by 2025. 6% of Indian produce is processed.

Present Trends Low food prices have enabled consumers to purchase high-priced specialty foods, organic foods, and store-prepared meals. It has also allowed consumers to spend far more on many non-food items. Indeed, food retailers have struggled to offer higher value products in order to continue growing. 6

Future Trends Some of the trends that can shape the sector are as follows: 1) Farm Friendly: Increasing demand for organic foods 2) Flavor zing: Demand for international flavors set to rise 3) Demand for Low fats and carbs food: Demand for food with less calories, transfats and allegen free foods 4) Natural goodness: Higher consumption in fresh fruits, vegetables and salads. 5) Functional Food: Demand for healing foods products like nutraceutial food products.

Major Events related to industry in last 2 years 1) Agriculture and Horticulture National Summit, July 2012 2) Summit on Mega Food Parks organized by ASSSOCHAM , November 2012 3) Agro Tech 2012, December 2012 4) National Summit on Organic Farming product, March 2013 5) Indian Agriculture Tech & Food pavilion International Agricultural Fair, May 2013. 7

Importance to the Indian economy The total size of Indian agro food Industry is estimated to be around $291billion and expected to touch 33400 crores by 2015(FICCI- EY Report 2009). Annual Growth rate of industry is around 9-12% and provides the employment to around 3% of working population (14% in developed countries). 48% of Indias GDP is from agriculture in 1950-51. Indian food agro export market at 13.7 Billion has a share of only 1.4% of world food trade. Technological trends and Innovations in Food and agro Industry Challenges arises in the creation and functioning of food and agro industries and for the need of continued growth we need to go for innovative approaches using different models for the organizations in India.

1) Amul Cooperative Model: Ownership here lies with farmers on a cooperative basis. Its a 3 tier organization structure with primary cooperative at primary level, cooperative union at district level and cooperative federation at state level. This model has helped in the efficient distribution network for marketing of milk and milk products and maintains the supply chain network. Changes in Technological trends include development of new products, processing technology, and measures to enhance milk production and quality and e-commerce.

2)Suguna Poultry: Model was called the contract broiler farming or a form of franchise farming wherein the farmers who own the land and have access to resources such as water ,electricity and labor. Processes of growing the chickens are standardized and must conform to exacting standards laid down by suguna. This protects the interests of both farmers and integrators (Suguna).This model benefitted large numbers of rural households improving their lives with innovative business model by assuring growing charge/cost and incentives.

Technological trend changes includes advanced R & D centers, feed mills, veterinarians, scientists and other professionals

3) ITC e-Choupal The model increased the efficiency in the procurement of agricultural commodities resulting in value creation for both company and farmer. It has created value by taking internet penetration to remote villages, making global commercial contact possible where infrastructural, economic and social limitations has made this impossible. Offers multiple services under one roof of marketing platform- shop for agri-equipment and personal consumer products, insurance counters, pharmacy and health center, agri extension clinic, fuel station and a food court. Technological changes included IT enabled rural procurement, information and marketing channel through villages.

Merger - Acquisition activity in the industry

Agro and food processing industry has firms working all over the world and having different products. Industry exhibits all kind of merger and acquisition activities i.e. among two small size firms to have a bigger impact collectively, among two bigger firms while entering in a new market or while launching a new product, between small size and a conglomerate usually while entering into a new market or to dispense off an underperforming product, to increase the shareholders stake in the firm. Below is given the list of ten biggest mergers and acquisitions in this industry till date. Kraft foods announced distribution of 89% of its shares to shareholders amounting to $60.5bn when Altria group announced to spin off its majority stake in Kraft foods. Anheuser-Bausch a United states company was acquired by In Bev a Belgian entity in the year June, 2008 for $60.4 bn. Kraft foods distributed shares worth $ 30m to the shareholders in Febuary, 2013 when few public sector entities spanned off their stakes. 9

HJ Heinz was acquired by an investment consortium partnered by Berkshire Hathaway and 3G capital Partners in February, 2013 for an amount $ 27.2 bn. Unilever in May, 2000 acquired Bestfoods for an amount of $23.6 bn. Anheuser-Busch Inbev completed its combination with Grupo Modelo SAB de CV in May 2012 for an amount of $ 20.0bn. American Tobacco giant Philip Morris in May, 2000 bought Nabisco holdings company for $ 19.3bn. LArche Green NV acquired Scottish And Newcastle for $ 18.6 bn. Unilever bid for increased stake in Hindustan Unilever Limited to 23% for $ 5.4bn in 2013.

Major players of this sector have grown through extensive mergers and acquisitions. Pepsico has grown by acquiring companies such as: Pizza Hut, Inc, Kentucky Fried Chicken (KFC).1985, Mug Root Beer.1986, Tropicana Products from Seagram Company Ltd, South Beach Beverage Company, 2000, Stacy's Pita Chip Co.2002, The Quaker Oats Company.2001, The Pepsi Bottling Group, Inc. and Pepsi Americas, Inc. Nestle growth history includes recent mergers and acquisitions such as: It acquired Ralston and Purina, Gerber in April 2007, Kraft Foods frozen food pizza in January 2010, acquired Pfizer and Novartis medical nutrition product manufacturing, acquired Dreyers and became the world leader in ice-cream. Nestle has a joint venture with Coca Cola under the name Business Partner Worldwide (BPW) selling the Nestea. Analysts View Of The Food And Agro Based Industry : 1) The Indian Food Industry - Crouching Tiger : Article by a business consulting firm Frost and Sullivan This article by a prominent business consulting firm analyzes the Indian Food industry as a whole. At the outset, the author outlines the fact that a few years ago India had the capacity to become the food factory of the world. However presently growth of this sector has been reduced due to a host of problems like poor infra structure, restriction in production facilities, arcane production techniques etc. Against this backdrop however, there are some specific segments in the food and agro industry which are booming like 10

Dairy, Wheat, Fruits and vegetables sectors etc and the article suggests to place special emphasis on improving their performance.

a)Recommendations for the Dairy Segment : The Dairy Segment has a low cost base and is almost a necessity which gives it an added competitive edge. Thus it is subject to high growth and is capable of giving back immense returns.

b)Recommendations for the Wheat Industry : It is projected to be a major export earner for the country.

c) Recommendations for the Fruits and vegetables industry: Suggests measures to reduce the wastage in fruits and vegetables that occurs. Requires capital inputs for food processing.

d) Recommendations for the Distribution Segment : Suggests infusion of capital inputs for quality warehousing and distribution.

2)Bottlenecks in Indian Food Processing industry - Survey by FICCI in 2010 : This article attempts to trace the reasons why the Indian Food Industry is still facing challenges in spite of continued Government support. It lays down the challenges faced by the industry and then offers some recommendations which are as follows:

a)Overcoming long and fragmented supply chain : Suggests the implementation of contract farming.

b)Providing impetus to logistics and supply chain sector : Suggests providing Industry status to this sector and the forming of a separate Ministry for Supply chain and Logistics Sector. Also suggests providing incentives to those involved in this sector.

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c)Formulation of national Level Policy on Food processing : Recommends a comprehensive policy to ensure private sector investment in infrastructure development, up gradation of quality and give further incentives to the food processing sector. Major Players Profile (Domestic): NESTLE INDIA: Key products are: Beverages, Dairy/Ice creams, Prepared food/ Snacks, Sugar and confectionary, Bakery Nestle SA holds 62.76% market share. Competitors: GSK, Britannia, Rei Agro, KRBL Relative Strengths: Quality and Trust Regional dominance: South Asia Nestle India is listed on the Stock Exchange, Mumbai, National Stock Exchange of India Ltd. Market Capitalization: INR 48993.16 cr. Performance Indicators
Sales Revenue

FY 2011-12 (in Rs. Cr.)

8326.55

FY 2010-11(in Rs. Cr.)

7490.82

Net Assets 2848.60 EBITDA 1856.37 PAT 1067.93 Adapted from: www.moneycontrol.com

2244.83 1566.49 961.55

Profiles of Key Management personnel: (Source: www.businessweek.com) Antonio Helio Waszyk (Chairman) Mr. Antonio Helio Waszyk served as Managing Director of Nestle India Ltd. from October 1, 2009 to October 1, 2013. He joined the Nestl Group in Brazil in November 1977 and developed his earlier career in the technical and R&D functions, highlights being in 1988 as Technical Manager- Nutritional Products in USA.

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In September 2002, he was appointed Deputy Managing Director and Technical Head for OSEM Israel, until his promotion to his previous position as Head of Food SBU in November 2004.

Mr. Waszyk has been Chairman of Nestle India Ltd. since October 1, 2009. He has been Chairman of Nestl Lanka PLC. since October 15, 2009. He has been a Director of Nestle India Ltd. since October 1, 2009.

Shobinder Duggal( Director-Nestle India Ltd.) Mr. Shobinder Duggal has been Director of finance and control at Nestle India Ltd. since May 10, 2004. Mr. Duggal is well qualified, has had a distinguished career with Nestle India Ltd. and experience in diverse areas of finance, both in India as well as in Switzerland, at the Headquarters of Nestl S.A., Switzerland. BRITANNIA Ltd: Britannia holds 38% market share. Key products are: Bakery, Dairy/Ice-creams Britannia India is listed on the Stock Exchange, Mumbai, National Stock Exchange of India Ltd. Market Capitalization: INR 9966.89 cr. Performance Indicators
Sales Revenue

FY 2012-13(in Rs. Cr.)

5612.39

FY 2011-12(in Rs. Cr.)

4964.51

Net Assets 833.17 EBITDA 424.15 PAT 233.87 Adapted from: www.moneycontrol.com

548.19 330.54 186.74

Profile of Key Management personnel: (Source: www.businessweek.com) Nusli N Wadia ( Chairman & MD) Mr. Nusli Neville Wadia, Esq., B.Sc., LL.M. serves as Managing Director and Chairman of Nowrosjee Wadia & Sons Ltd. Mr. Wadia served as a Joint Managing Director of Bombay Dyeing & Manufacturing Co. Ltd. since 1970. 13

He serves as the Chairman of the Board for Britannia Industries Ltd. He has been an Independent Non-Executive Independent Director of the Tata Steel Limited since August 29, 1979.

Major Playerss Profile (International): PEPSICO Inc: Key products are: Beverages, Prepared food/ Snacks In 2009, PepsiCo Snacks held 39% of US market. Competitors: Coca Cola, Nestle SA, DPSG, Kellogg Relative Strengths: Marketing Regional dominance: USA PepsiCo is listed on the New York, Chicago and Swiss Stock Exchange. Market Capitalization in Sep, 2013: $122.79 bn Performance Indicators
Sales Revenue

FY 2011-12 (in USD)

65,492mn

FY 2010-11(in USD)
66,504mn

Net Assets 74,638mn EBITDA 9112mn PAT 6214mn Adapted from: www.moneycontrol.com

72,882mn 9633mn 6462mn

Profile of Key Management personnel: (Source: www.businessweek.com) Indra K. Nooyi( Chairman) Ms. Nooyi graduated from Madras Christian College in India with a degree in Chemistry, Physics and Math and earned a Master's Degree in Finance and Marketing from the Indian Institute of Management in Calcutta and a Master's Degree in Public and Private Management from Yale University's School of Organization and Management. She has been the Chairman and Chief Executive Officer of PepsiCo, Inc. since May 2, 2007 and since October 1, 2006 respectively. She served as the President of PepsiCo, Inc. since May 2001 and also served as its Chief Financial Officer and Senior Vice President since February 2000 and also

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Senior Vice President of Strategic Planning, Corporate Strategy and Development from 1994 to 2000. Ms. Nooyi served as Vice President and Director of Corporate Strategy and Planning at Motorola Solutions, Inc. (also known as Motorola Inc.). She also serves as a Member of Advisory Board at The Yale School of Management. She served as a Director of The Federal Reserve Bank of New York.

KRAFT FOODS Inc: Key products are: Bakery, Dairy/Icecreams, and Confectionary In 2009, Kraft foods held 11% of US market share. Kraft Foods is listed on the New York Exchange. Market Capitalization: $31.7 bn Performance Indicators
Sales Revenue

FY 2012-13(in USD)
18.3 bn

Net Assets 23.329 bn EBITDA 632mn PAT 456mn Adapted from: www.moneycontrol.com Profile of Key Management personnel: (Source: www.businessweek.com) W.Anthony Vernon(CEO and Director) He holds a BA in history from Lawrence University and an M.B.A. from the Northwestern University Kellogg Graduate School of Management. He has been Chief Executive Officer of Kraft Foods Group, Inc. since October 1, 2012. He served as Executive Vice President of Mondelez International, Inc. (alternate name Kraft Foods Inc.) from August 2009 to October 2012. Mr. Vernon served as the President of Kraft Foods North America at Kraft Foods Inc. since August 2008. Prior to these positions, he served as the Worldwide President of the Johnson & Johnson/Merck joint venture from 1995 to 2001. 15

Government regulation and policy changes related to the industry: The Government has formulated and implemented several schemes to provide financial assistance for setting up and modernizing of food processing units to encourage the growth of the processed food sector : The Centre has permitted under the Income Tax Act a deduction of 100 per cent of profit for five years and 25 per cent of profit in the next five years in case of new agro processing industries set up to package and preserve fruits and vegetables. Excise Duty of 16 per cent on dairy machinery has been fully waived off and excise duty on meat, poultry and fish products has been reduced from 16 per cent to 8 per cent. Most of the processed food items have been exempted from the purview of licensing under the Industries (Development and regulation) Act, 1951, except items reserved for small-scale sector and alcoholic beverages. The Union Commerce Ministry has approved a brand promotion campaign for value added Made in India cashew being launched in the West Asian market by March end. Sales of up to 50 per cent in domestic tariff area for agro based, 100 per cent export oriented units is allowed. Full duty exemption on all imports for units in export processing zones has been done.

Food Safety and Standard Act, 2006 Salient features of the act are: FSSA will be aided by several scientific panels and a central advisory committee to lay down standards for food safety. These standards will include specifications for ingredients, contaminants, pesticide residue, biological hazards and labels. Everyone in the food sector is required to get a license or a registration which would be issued by local authorities. Every distributor is required to be able to identify any food article to its manufacturer, and every seller to its distributor. Anyone in the sector should be able to initiate recall procedures if he finds that the food sold had violated specified standards. Apart from the above, some of the promotional policies undertaken by the Govt. are:

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Vision 2015 Action Plan: The Ministry of Food Processing Industries (MoFPI) has formulated a Vision 2015 Action Plan that includes trebling the size of the food processing industry, raising the level of processing of perishables from 6% to 20%, increasing value addition from 20% to 35%, and enhancing Indias share in
global food trade from 1.5% to 3%.

Mega Food Parks: According to the website of MoFPI, the Government of India is actively promoting the concept of mega food parks (MFPs) and is expected to set up 30 such parks across the country to attract FDI. The government has released a total assistance of USD 23 million to implement the Food Parks Scheme. It has, until now, approved 50 food parks for assistance across the country. The Centre has also planned for a subsidy of USD 22 billion for mega food processing parks.

Agri-Export Zones: The government has established 60 fully equipped agri-export zones (AEZs), in addition to food parks, to provide a boost to agricultural and food processing exports.

Impact of Union Budget for Food and Agro industry in 2013-2014 (Sources: Union Budget 2013-2014 Planned Outlay for the food, agriculture and cooperation has been increased by 18% from 17,100 crores to 20,208 crores. Target for food and agricultural credit raised by INR 1,00,000 crores to INR 5,75,000 crores in FY13. Centrally sponsored scheme on food processing is to be started in co-operation with states in 2013-14. 2242 crores project has been launched with World Bank to improve productivity especially in dairy sector. Implication of International Treaties such as WTO/Free Trade Agreements for the sector The WTO Agreements which affected Food Processing and Agricultural Sector, have been described and elaborated as below:

1. Agreement on Agriculture: This agreement involved commitments to reduce export subsidies, domestic support and import duties for agricultural products. 17

The primary aims for the agreement were to provide a more liberal market access, Reductions in Tariff from base level to bound level over a period of 6 to 10 years, and expansion of minimum access tariff quotas from 3% to 5%. Example: India has a Bound Rate of 100% for Primary products, 150% for processed products and 300% for edible oil.

2. Agreement on Sanitary and Phytosanitary: This agreement includes provisions on control, inspection and approval procedures of different food and agro products based on International Standards. This agreement also involves Certifications such as CODEX, HACCP and ISO. Hazard Analysis and Critical Control Points (HACCP) is basically a food quality management system, provided as an important CODEX Guideline for Food Processing Companies. Example: In India, 0.2 ppm of Lead Content is considered safe, although as per the International Standards, a value of 0.02 ppm is considered safe.

3. Agreement on Technical Barriers to Trade: This agreement ensures that procedural issues such as Regulations, Standards, Testing and Certifications do not act as Technical Barriers to trade for Food and Agro Products. Example: Packaging, Use Of Labels, Gums, Dyes, etc.

4. Agreement on Antidumping: This agreement determines the conditions for which a product will be dumped and states all the relevant procedures and situations. Example: A Product will be dumped(product price at importing country less than the product price at exporting country) into a second country only when the export price of the product from the first country to the second country is less than the comparable price for a similar product when destined for consumption in the second country.

As per the WTO agreements, the food processing and agro industries in India, need to follow international standards and norms in all their producing, storage and packaging 18

activities. Also the government of India needs to follow the policies recommended by WTO for better liberalization and better efficiency of the market.

Competition from Foreign Firms, Foreign Direct Investments, Imports, Opportunities in Overseas Markets

Indian Food Industry currently stands at Rs. 247,680 Cr. It is expected to grow at an overwhelming rate of 11% and touch Rs. 408,040 Cr. by the year 2018. This growth is accounted to a large extent by Foreign Firms involved in FDI. At present India has plenty of Foreign Food Processing Firms, such as Nestle, Pepsi, Coke, NissinMet, Unilever, GSK, Walmart, etc. to name a few, providing tough competition to domestic firms such as ITC, Britannia, Dabur, Amul, Parle, etc. Plenty of Foreign MNCs are planning to enter the Food Processing Sector and plenty of the existing foreign firms, such as Nissin Foods, are planning to expand their production capacity and product line. Estimates say, there has been a total $1970.09 Million FDI from the year 2000-2013 in the Food Processing Sector. Years 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 FDI (Rs. Crores) 198.13 1036.12 176.53 510.85 174.08 182.94 441.00 632.00 462.00 1314.00 858.00 682.30

Source: A Research Paper on An Analysis of FDI in Indian Food Processing Industry, by Indian Journal of Applied Research, Volume 3, Issue 3, dated March 2013.

Imports are not of a significant proportion and exist only for some specialised products such as Pasta Products, Sauces and Dressings, Honey, etc. The Indian Food Processing Industry has excellent opportunities in Overseas Markets. Indian Food Processing Market is primarily Export Oriented. The following table shows 19

the Exports of Processed Food along with some of the major components of the exports, for the year 2012-13.

Heads Total Exports Mango Pulp Dried and Preserved Vegetable Other Processed Fruit and Vegetable Pulses Groundnuts Jaggery and Confectionary Cocoa Products Cereal Preparations Alcoholic and Non Alcoholic Beverages Miscellaneous Preparations
Source: http://www.apeda.gov.in/apedawebsite/six_head_product/PFV_OPF.htm

Amount (Rs. Crores) 41309.04 607.96 835.57 2356.07 1284.94 4065.37 21287.00 4124.29 2197.77 1932.73 1796.14

References 1. Enhancing firm level competitiveness in Indian Food and agro processing Industry, Deloitte, August 2009, Link: http://nmcc.nic.in/pdf/deloitte_report_foodandagroprocessing.pdf 2. Annual Report 2010-11, Ministry of Food Processing Industries (MoFPI), Link: www.mofpi.nic.in 3. Department of Agriculture and Co-operation FAPRI Agri Report,2009, Link: www.fapri.missouri.edu 4. APEDA, Department of Agriculture and Cooperation, Link: www.apeda.gov.in 5. Company Financial Reports from Link: www.moneycontrol.com 6. Profiles of Key Management Personnel from Link: www.businessweek.com 7. Food Processing in India, A report on Indian Food Processing Industry, by Corporate Catalyst India, Link: http://smallb.in/sites/default/files/knowledge_base/AreportonIndianFoodProcessin gIndustry.pdf 8. WTO and its Implications in Food Sector, by Hema Yadav, National Institute of Agricultural Marketing, Link: http://www.on-linefoods.com/tech_paper/HemaYadav.pdf 20

9. A Research Paper on An Analysis of FDI in Indian Food Processing Industry, by Indian Journal of Applied Research, Volume 3, Issue 3, dated March 2013, Link: http://www.theglobaljournals.com/ijar/file.php?val=MTExNg== 10. Processed Food, by APEDA, Link: http://www.apeda.gov.in/apedawebsite/six_head_product/PFV_OPF.htm 11. Indian Food Industry, by IBEF, Link: http://www.ibef.org/industry/indian-foodindustry.aspx 12. Database: Asian CERC, for Company Profiles.

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