Agri-startup Milk Mantra is eying Rs 1,000 crore turnover in five years as it look to strengthen position in the eastern parts by expanding milk shake brands across the country.
Fidelity Growth Partners backed startup is also planning to raise $25 million from VC funding to finance growth plans.
“As of now we are eastern India player with our base in Odisha and selling our fresh dairy products including milk, curd, butter milk and paneer in Jharkhand, Chhattisgarh and Kolkata,” Founder and Managing director of Milk Mantra Srikuamr Misra told PTI.
“Now we are further strengthening our position in eastern parts for fresh dairy products and at the same time expand our milk shake brand ‘MooShake’ market across the country. I can say that on back of these two initiatives, our turnover would reach Rs 1,000 crore in next five years,” Misra added.
The company recently made a foray in the dairy-based functional health category with a ready-to-drink milk beverage MooShake, which is blended with curcumin, an extract from turmeric.
With this milk shake brand we are aiming to become a pan-India player, he said.
The company manufactures product under the Milky Moo brand and currently has two processing plants with production capacity of 3 lakh litres per day at Puri and Sambalpur districts in Odisha.
Misra added their products are in demand because of its quality and the three layer packaging which ensures that there is no light damage to milk and it stays fresh for up to 3 days and need not be boiled.
We started from scratch now has over 30,000 network farmers who have been giving us quality and pure milk, he said.
In coming days we are looking at contract manufacturing model, especially for Moo Shake brand, he added.
Mahanadi Coalfields (MCL) has extended a helping hand towards 61 under-privileged farmers in Odisha’s Sambalpur, raising the total number of peasants sponsored by it to 378 in the district, to enable them water their crop timely and reap a good harvest.
MCL, a leading coal mining CPSU and a subsidiary of Coal India Ltd, has sponsored 61 more below poverty line (BPL) SC and ST farmers of Bamra, Jamankira and Kuchinda blocks of Sambalpur to avail Deep Borewell Secha Karyakrama Scheme of Odisha government and have own bore-well in their fields.
With these 61 beneficiaries, total number of under-privileged farmers sponsored by MCL to avail government scheme has gone up to 378 in Sambalpur district, a company statement said today.
The State government has a scheme under which an SC/ST BPL farmer can have their own deep borewell on making subsidised payment of Rs 9,000. However, many farmers in the district could not avail this scheme due to their low income.
The district administration took an initiative to identify such under-privileged farmers and requested MCL to sponsor them for the Deep Borewell Secha Karyakrama Scheme so that they can also prosper and contribute towards economic growth, it said.
State government’s executing agency, Odisha Lift Irrigation Corporation (OLIC), has a plan to provide deep borewells to these beneficiaries by April this year.
“Being a farmer means shaking hand with Mother Nature every day and contributing towards strengthening these hands is always an honour,” said MCL’s Director (Personnel) L N Mishra, who heads the empowered CSR Committee of the company.
Farmers are the mainstay of nation’s economy and supporting agrarian segment of the society is one such area MCL is keen to work for, he said, asserting that positive change at the grass root level can ensure development.
Besides ensuring uninterrupted supply of coal to the power plants, MCL has been contributing through its popular CSR activities towards infrastructure and socio-economic development of under-privileged segments of the society, particularly in peripheral areas under its command.
A Rs 25 crore State-of-the-art Sports Stadium in Sambalpur, Rs 8.62 crore Burla water scheme, Rs 5 crore rope-way connecting Gandhi Minar at Hirakud, hostels to VSSUT and Sambalpur University to help students of far-flung areas get higher education, first electric crematorium of western Odisha at Sambalpur, setting-up a medical college at a cost of Rs 492 crore and Rs 30 crore cardiac hospital in Jharsuguda and running two nursing schools are among the long list of company’s CSR activities.
The Sambalpur Municipal Corporation (SMC) has decided to strictly enforce the trade licence rule in the corporation area.
A trade licence is mandatory to operate business in the corporation area. However, very few traders have obtained it in Sambalpur. To get the licence, a business establishment will have to cough up 1,000 a year to operate.
Trade licence fee is an additional source of revenue for the civic body, said deputy commissioner, SMC, Sudhansu Bhoi. Several development works could be undertaken with this fund, he said.
An official of the SMC said, more than 15,000 shops and commercial establishments are there under the SMC area. However, only 178 shops and business establishments have the valid trade licence.
In the first phase, the SMC has issued notice to around 300 traders, who do not have trade licence, to obtain it. “If they do not obtain the licence, action will be taken against them according to the law,” he added.
To obtain trade licence, a trader will have to provide the detail information about the shop to the SMC. “This will also help us keep a record of the shops and commercial establishments, which are operating in SMC area,” added Bhoi.
The Airports Authority of India (AAI) on Monday directed Air Odisha to stop flying to Jharsuguda, the industrial hub of the state, barely a week after it had started operating on the route.
AAI sources said since a construction of a new airport is underway, the runway is being renovated. For the next year, Air Odisha will not be allowed to fly to Jharsuguda.
Biju Patnaik airport director Sharad Kumar said the runway is being renovated and expanded for landing and takeoff of big aircrafts. “The runway has developed cracks and needs to be repaired urgently. So, we have stopped flight operations at the airport,” said Kumar.
Air Odisha was taken aback by the sudden refusal to the operations. “If the AAI knew that the runway will be renovated a week after we begin our operations (to Jharsuguda), it shouldn’t have give us the green signal in the first place. We made publicity accordingly and tickets for the flight had already been booked in advance. Now, the operations will be badly hit,” said Air Odisha founder Santosh Pani.
SBI chief Arundhati Bhattacharya has been appointed as the chairperson of the Society and Board of Governors of IIM Sambalpur, according to an official release.
Bhattacharya has been named the chairperson of Indian Institute of Management (IIM), Sambalpur for the next five years starting January 15. She is the first woman to lead an India-based Fortune-500 company and joined the SBI in 1977 as a probationary officer and held several positions during her long career at the largest bank of the country.