28 Oct 2018
Italian company to pick up stake in WB ice-cream company
An Italian frozen dessert company will soon seal a deal to pick up a 40% stake in West Bengal-based Milkberry ice-cream company.
"We are in advanced talks with two Italian frozen dessert companies for technical and financial joint venture and we'll seal a deal with one of them in a month's time," Rainbow Dairy Food Product Managing Partner Siddhartha Sankar Ghosh said.
We'll divest 40% stake in the company: Ghosh
"The deal is not yet sealed, but we'll divest 40% stake in the company having its product brand name Milkberry," Ghosh said.
The deal is advised by an Italian consulting company 'Bizdev' and an MoU was signed with it.
Jean-Claude Morel, Founder-Managing Partner, Bizdev, Italy, said, "Italian companies are very impressed and excited over the positive developments taking place in West Bengal recently."
Rainbow Dairy is in the ice-cream business for 5 years
"I personally attended Bengal Chief Minister's business meetings in Milan as part of the Italian business team and our interest in this part of India grew manifold. We are very excited about the establishment of association with Milkberry," Morel said.
Rainbow Dairy is in the ice-cream making and distributing business for five years with a double-digit growth and a manufacturing facility close to Kolkata.
Aiming at high growth rate of 100%: Ghosh
"We are now aiming at high growth rate of 100% with new flavors with Italian tie-up. The new products will be co-branded," Ghosh said. 'Milkberry' has a current capacity of 800 liters/hour and presence in eastern and northeastern states, with over 40 variants and flavors.