An Italian frozen dessert company will soon seal a deal to pick up 40 percent stake in a West Bengal’s home grown ice-cream maker.
“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. Though the deal is not yet sealed, but we’ll divest 40 percent stake in the company having its product brand name Milkberry,” Siddhartha Sankar Ghosh, Managing Partner, Rainbow Dairy Food Product told PTI.
According to a PTI report: The deal is advised by an Italian consulting company ‘Bizdev’ and an MoU was signed with it.
Confirming the developments, Jean-Claude Morel, Founder-Managing Partner, Bizdev, Italy, told PTI, “Italian companies are very impressed and excited over the positive developments taking place in West Bengal recently.
“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,” he was further quoted by PTI as saying.
Rainbow Dairy is in the ice-cream making and distributing business for the past five years with a double digit growth and a manufacturing facility close to Kolkata, Ghosh said.
“We are now aiming at high growth rate of 100 percent with new flavours with Italian tie-up. The new products will be co-branded,” Ghosh told PTI.
‘Milkberry’ has a current capacity of 800 litres/ hour and presence in the eastern and north eastern states, with more than 40 variants and flavours.