Britannia Bel Foods, the joint venture between Britannia Industries Ltd. and the France-based Bel Group, announced the inauguration of its new local cheese manufacturing factory at Ranjangaon in Maharashtra.
This facility, dedicated to the production of Britannia The Laughing Cow cheese products, underscores the company's commitment to delivering high-quality, locally produced dairy products to Indian consumers, according to a press release by the company on Wednesday.
The new factory is strategically located in Maharashtra, a leading state in milk production, benefiting from a robust dairy ecosystem. The plant will source approximately 4 lakh litres of cow's milk daily from over 3,000 local farmers, as per the release.
The new greenfield factory, a significant investment of nearly 220 crore, features cutting-edge technology and five production lines capable of producing a combined capacity of approximately 16,000 tonne of cheese annually, said the release.
The factory will manufacture a full range of Britannia The Laughing Cow products, including slices, blocks, spreads, and diced cheese.
"This plant embodies our commitment to delivering premium, locally made cheese that meets the highest benchmarks in quality and innovation," said Abhishek Sinha, chief executive officer of Britannia Bel Foods. He expressed confidence that this development would enhance the cheese business in India, providing consumers with an unmatched cheese experience tailored to their evolving tastes.
Shares of Britannia Industries fell as much as 2.17% to Rs 6,070 apiece. It pared losses to close 1.73% lower at Rs 6,097.25 apiece, as compared to a 0.12% decline in the NSE Nifty 50 Index.
It has risen 14.21% on a year-to-date basis. Total traded volume so far in the day stood at 1.36 times its 30-day average.
Out of 38 analysts tracking the company, 20 maintain a 'buy' rating, 12 recommend a 'hold,' and six suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.7%.
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