Heritage Foods' board approves expansion into non-dairy food products

Heritage Foods, one of India's leading private dairy players, announced that its Board of Directors in a meeting held on 2 November 2021 has approved the company's proposed expansion into the non-dairy food products in the premium nutrition segment.

Srideep Kesavan, chief executive officer, Heritage Foods, said, "Heritage Foods has been providing 'Nutrition to Nation' through its dairy products. The company looks forward to extending the same philosophy through non-dairy food products in the premium nutrition segment. This asset-light business will leverage Heritage Foods' strong distribution network and brand trust to be part of consumers' daily healthy food choices."

N Brahmani, Executive Director, Heritage Foods, said, "The proposed expansion into non-dairy food products in the premium nutrition segment is in line with Heritage Foods' vision to delight every home with fresh and healthy products while empowering farmers. This move will improve Heritage Foods' margin profile and de-seasonalize the business, ensuring sustained value creation in the long run. Additionally, I am happy to share with you Heritage Foods has further strengthened its balance sheet by achieving debt-free status with effect from 1 November 2021 with the repayment of the remaining debt of Rs 210 million."