To: Mohan Marette who wrote (209 ) 2/22/2000 7:48:00 PM From: Mohan Marette Read Replies (1) | Respond to
ICICI to up exposure in food businessAccording to Chanda Kochhar, general manager ICICI, food is already a significant part of the company's portfolio with 172 companies receiving Rs 160 crore from the institution. About 34 projects have received an assistance of $15 million in areas of pre-cooling of fruits or vegetables, cut flower production in polyhouses, oyster or button mushroom processing, dried flower processing, fruit and vegetable process which includes freezing and dehydration, essential oils or enzymes, herbal processing and cold chain. ICICI proposes to get aggressive about the sector by funding new food ventures through its venture capital arm, ICICI Venture Capital. Retailing in India is at a primitive stage, according to Kochhar. "India is a nation of shopkeepers. There are 5 million retail outlets in the country with an average size of 150 sq ft. The average turnover of 77 per cent of these retail outlets is less than Rs 40,000. Gross margins are under 10 per cent and there is a store for every 30 families . Deep seated mindsets have stymied healthy growth of distributive businesses and organised retailing," she feels.
