Heritage Foods

Heritage Foods Limited
Public limited company (BSE)
Industry Dairy, Retailing, and Agribusiness
Founded 1992
Headquarters Hyderabad, India
Key people
 Smt N.Brahmani (Executive Director)
Sambasiva Rao (President)
Revenue Increase$300 million USD (in 2014 -15)
Number of employees
 3000+
Website www.www.heritagefoods.in

Heritage Foods Limited (commonly known as Heritage) is one of the largest private sector dairy enterprises in Southern India. The company is also a leading food and grocery retailer under the brand "Heritage Fresh".[1]

History

The Heritage Group was founded in 1992 by Telugu Desam Party leader and current Chief Minister of Andhra Pradesh Shri Nara Chandrababu Naidu, with three-business divisions viz., Dairy, Retail and Agri under its flagship Company Heritage Foods Limited (HFL), one infrastructure subsidiary - Heritage Infra Developers Limited and other associate Companies viz., Heritage Finlease Limited, Heritage International Limited and Heritage Agro Merine Private Limited. The annual turnover has crossed $200 million USD during FY 2008'09.[2][3]

Presently Heritage’s milk products have market presence in Telangana, Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Maharashtra and its retail stores across Bangalore, Chennai and Hyderabad. Integrated agri operations are in Chittoor and Medak Districts and these are backbone to retail operations.

In the year 1994, HFL went to Public Issue to raise resources, which was oversubscribed 54 times and its shares are listed under B1 Category on BSE (Stock Code: 519552) and NSE (Stock Code: HERITGFOOD)

Heritage Foods has its headquarters in Hyderabad, Telangana, India.

The Dairy Brand - Heritage

Heritage by choosing Chittoor district of Andhra Pradesh as its primary procurement base of milk, had taken full advantage of the large, high yielding and cross-bred cow population found in the area.

Today Heritage has network in the states of Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra and Delhi for procurement and distribution of quality milk and milk products. Heritage products are also distributed in the state of Kerala. Heritage has drawn plans to be a pan-India player in the dairy.

The Retail Brand - Heritage Fresh

'Heritage Fresh' is a unique chain of retail outlets in India promoted by Heritage Foods Limited. Heritage Fresh today has a total of 125 stores across three cities. 71 in Hyderabad, 20 in Bangalore, and 34 stores in Chennai.

Products

Heritage's dairy range of products among others include milk, curd, ice cream, buttermilk, flavored milk, dairy whitener, skim milk powder. The Fresh range of products include 177 sku's of fresh fruits and vegetables, 150 sku's of in house bakery products and the private labels Farmers' Pride like cereals, pulses, staples, and spices.

Controversy

Motaparti Siva Rama Vara Prasad, who was a director of the company and was also Chairperson of a number of committees like Audit, Remuneration and Risk Management. On 3 April 2016, his name featured in the list of high-profile names released in the Panama Papers, a set of 11.5 million confidential documents created by the Panamanian corporate service provider Mossack Fonseca.

When questioned by journalists whether his holdings were the proceeds of political corruption or tax evasion, he replied that he was an international businessman with companies in three continents established over the last 30 years. But the article also highlighted his ignorance on the fact that he didn't know who his agents were when setting up these off-shore Shell companies or why he decided to use nominees to hide his name from the true ownership.

Since he is a very close confidant of N. Chandrababu Naidu and the distinct possibilities of linking these companies to money laundered through corruption in politics, he was asked to resign from his post as Director to try and reduce the exposure of the Chief Minister and the Panama Papers .[4]

References

  1. ↑ "Heritage at a Glance". Heritage Foods. Retrieved 29 August 2015.
  2. ↑ "Heritage Foods plans to raise Rs100 crore". livemint.com. The Wall Street Journal. 2007-11-16.
  3. ↑ K V Ramana (2006-12-07). "Naidu family gets into retail". The Times of India. Times Internet Limited.
  4. ↑ http://www.thenewsminute.com/article/panama-papers-industrialist-named-leak-resigns-ap-cm%E2%80%99s-firm-director-43256. Missing or empty |title= (help)

[1]

Further reading

  1. ↑ Heritage Fresh Online
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