Everest Spices signs MOU with Zanzibar to set up spices manufacturing unit in Africa
President of Zanzibar visits Everest Spices Manufacturing Facility in Mumbai
Mumbai, February 11, 2014: Everest Spices, India’s leading spice manufacturer, distributor and marketer, signed an MOU with Zanzibar to set up its first overseas spices manufacturing unit in the African country. The MOU was signed on the occasion of the visit of His Excellency Dr. Ali Mohammed Shein, President of Zanzibar & Chairman of the Revolutionary Council (Zanzibar), visited the ultra modern Manufacturing facility of Everest Spices (makers of Everest Masala), a leading manufacturer and distributor of spices in Mumbai. He was given a warm reception on his arrival by Mr. Vadilal Shah, Chairman together with Mr. Sanjeev Shah & Mr. Rajeev Shah, Executive Directors, Everest Spices.
His Excellency Dr. Ali Mohammed Shein, President of Zanzibar & Chairman of the Revolutionary Council (Zanzibar), said, “This is my second visit to India and we, in Zanzibar & Tanzania have been closely collaborating and cooperating with India for last 52 years in healthcare, trade and cultural exchanges. On this occasion, we are happy to visit the state-of-the-art factory and experience the world class manufacturing and allied services rendered by Everest Spices. We welcome Everest Spices’ decision to sign MOU and invest in Zanzibar to foster our agri-grain revolution. The special plant to make spices in Zanzibar and Tanzania will be created in close cooperation with the best Indian expertise and experience. This initiative will help accelerate efforts to increase bilateral trade in rice, spices, garments, etc., which have been happening since the 18th century.”
Mr. Sanjeev Shah, Executive Director, Everest Spices, said, ”The visit of the President Dr. Ali Mohammed will have a long last impact on the bilateral trade between India and Tanzania and we, at Everest Spices, are happy to be a partner in this memorable visit of the President. The unit, expected to come up in 3 years time, will cater demand of our products in the African market.” To set up the state-of-the-art world class manufacturing unit in Zanzibar, Everest Spices is planning to invest around Rs. 100 crore to set up a manufacturing unit in the African nation of Zanzibar.
Mr. Rajeev Shah, Executive Director, Everest Spices, added, “On the domestic front, Everest Spices plans to expand operations by adding another plant with a capacity of 100 tonnes a day at Umbergaon in Gujarat. We plan to invest around Rs. 150 crore and have already acquired the land and hope to start the facility by 2016.” Everest Spices already has three facilities in Mumbai and Umargaon having 130 tonnes a day.
Today the total market size of branded spices is estimated at Rs 6,600 crore and is growing at 14 per cent per annum. Everest Spices exports 10 per cent of its products to the US, the Middle East, Singapore, Australia, New Zealand and East Africa.
About Everest Spices
Everest Spices is an Indian manufacturer, distributor and exporter of ground spices and spice mixtures under the brand name Everest. Everest has been accorded the Super brands status three times: in 2003, 2006 and 2009. It also won FMCG Consumer Reaction Award. Everest started began advertising aggressively on the television in 2003, and by 2005, it had 30% share of the branded pure spices market in India. According to the 2007 study, Everest was India's largest spices brand based in Mumbai. More than 20 million households used Everest spices regularly. The brand was stocked by 400,000 outlets in more than 1,000 towns across India. More than 3.705 billion packs of Everest product were sold each year. There were more than 42 blends under the Everest brand name. Everest also exports its products to the US, the Middle East, Singapore, Australia, New Zealand, East Africa and other countries.