Tata Consumer enters UK cereal market
Tata Consumer Products Ltd. (TCPL) has taken its Soulfull brand of millet-based cereals overseas through a tie-up with British retail chain Tesco. Soulfull will sell cereals under the Joyfull muesli brand in the UK, where TCPL already has a significant presence through its brands - Tetley tea, Good Earth UK, and Teapigs.
In 2021, TCPL, the consumer products arm of the Tata Group, announced a 100% acquisition of Kottaram Agro Foods, owner of Soulfull, in line with strategy to enter new, adjacent categories in the packaged foods segment. Besides the UK, Tata Consumer also has operations in the US and Canada. In fiscal year 2023 (FY23), international markets accounted for 29% of the company’s revenue.
International business revenues last fiscal stood at ₹3,589 crore, while TCPL's overall consolidated revenue stood of ₹13,800 crore in FY23. TCPL’s acquisition of British tea company Tetley in 2000 was India’s first major cross-border acquisition, making it the second-largest tea company globally. TCPL is now using its distribution muscle to take more brands overseas.
“Soulfull is completely integrated into Tata Consumer Products Ltd. Even in India, we are using the entire Tata Consumer distribution network. We work with international teams that already service Tesco as a customer," said Prashant Parameswaran, MD & CEO, Tata Consumer Soulfull, in an interview.
In India, Soulfull sells millet-based muesli, granola, oats, nut mixes, and health beverages. With Tesco, Joyfull will be retailed across 500 stores. “This gives us a very strong foothold with the largest UK retailer, and it’s not just London, but across the UK," Parameswaran added.
Read more on livemint.com
