Bikaji Foods International Limited , a prominent player in the Indian snack food industry, has announced a series of strategic moves aimed at expanding its corporate social responsibility efforts, supporting its subsidiaries, and entering the Nepalese market.

Establishment of Bikaji Foundation

The Board of Directors has approved the incorporation of a Section 8 Company (Non-Profit Organization) to be named "BIKAJI FOUNDATION" or an alternative name as approved by the Ministry of Corporate Affairs. This new entity will be a wholly-owned subsidiary of Bikaji Foods International Limited and will focus on implementing social development programs and executing Corporate Social Responsibility (CSR) initiatives as outlined in Schedule VII of the Companies Act, 2013.

Financial Support to Subsidiary

In a move to strengthen its existing business operations, Bikaji Foods has approved a loan agreement with its wholly-owned subsidiary, Bikaji Bakes Private Limited. The unsecured loan of ₹5.00 crore is intended to meet the working capital requirements of Bikaji Bakes. The loan will be disbursed in tranches over a maximum period of 60 months, with the possibility of extension based on mutual agreement.

Joint Venture in Nepal

Expanding its footprint beyond Indian borders, Bikaji Foods has entered into a Joint Venture cum Shareholders Agreement with C. G. Foods Nepal Limited. This 50:50 joint venture aims to establish a new company in Nepal for the manufacturing, trading, and marketing of snacks, namkeen, bhujia, papad, and packaged sweets. The joint venture will leverage the brand names "BIKAJI" and "CG", combining the expertise of both companies to tap into the Nepalese market.

Financial Performance

For the quarter ended June 30, Bikaji Foods reported robust financial results:

The company demonstrated strong growth with an 11.06% year-on-year increase in revenue from operations and a 5.96% rise in profit for the period.

Consolidated Performance

On a consolidated basis, Bikaji Foods and its subsidiaries reported:

The consolidated figures show a significant 14.87% growth in revenue from operations, reflecting the strong performance across the group's businesses.

These strategic initiatives and financial results underscore Bikaji Foods' commitment to growth, social responsibility, and market expansion. The company's move into Nepal and its focus on CSR through the new foundation indicate a balanced approach to business development and community engagement.

Bikaji Foods International Limited , a prominent player in the Indian snack food industry, has announced its financial results for the first quarter of the fiscal year, along with several strategic initiatives aimed at expanding its business operations and social impact.

Q1 Financial Performance

The company reported a robust performance for the quarter ended June 30:

Strategic Initiatives

The Board of Directors approved several key initiatives:

1. Incorporation of Non-Profit Organization: The company plans to establish a non-profit organization named "Bikaji Foundation" to implement social development programs and manage Corporate Social Responsibility (CSR) initiatives.

2. Loan Agreement with Subsidiary: Approval for a loan agreement of ₹500 lakhs with Bikaji Bakes Private Limited, a wholly-owned subsidiary, to meet working capital requirements.

3. Joint Venture in Nepal: Execution of a Joint Venture agreement with C.G. Foods Nepal Limited to establish a company for manufacturing, trading, and marketing snacks, namkeen, bhujia, papad, and packaged sweets in Nepal.

Divestment of Subsidiary

During the quarter, Bikaji Foods completed the divestment of its entire 51% stake in Bikaji Mega Food Park Private Limited, which has ceased to be a subsidiary of the company.

These results and strategic moves demonstrate Bikaji Foods' commitment to growth, diversification, and social responsibility as it continues to strengthen its position in the snack food market.