Kathmandu. Bikaji Foods International, another Indian company, has partnered with Chaudhary Group (CG Corp Global) to start production in Nepal after rival Haldiram India Limited started production in Nepal.
According to the information released on Thursday, Chaudhary Group will produce and sell snacks, bhujia, namkeen, papad and packaged sweets in the Nepali market in a 50 percent partnership with Bikaji Foods.
According to Indian media, Vikaji Foods International Limited informed the National Stock Exchange on Wednesday about the approval of the Board of Directors meeting for a strategic partnership with Chaudhary Group in Nepal.
With the partnership between the two sides, there is a plan to set up an industry in Nepal soon and supply bikaji products to the Nepali market.
Speaking on the signing of the partnership agreement, Mr. Varun Chaudhary, Managing Director, CG Corp Global said, “This collaboration reaffirms our commitment to bring world-class food innovation to Nepal while expanding and strengthening our local capabilities. ”
Deepak Agarwal, Managing Director, Bikaji Foods International, said, “This joint venture marks an important milestone in Bikaji’s global development journey and fosters our strong belief in Nepal’s potential as a key strategic market. ”
Nepal’s rapidly growing daily consumables (FMCG) sector has seen rapid growth. According to Investment Board Nepal, with a population of around 30 million and growing urban consumer demand, Nepal’s FMCG sector is projected to grow at an annual rate of 20 percent, valued at over $1 billion.
The Indian competitor of Bikaji Foods, Haldiram India Limited has already finished the construction of production plant in Birgunj. Haldiram has formed a joint venture with DV Group in Nepal. DV Group is the sole importer and distributor of Haliram’s products for Nepal.
