Italian frozen dessert company to pick up stake in West Bengal's homegrown ice-cream maker

An Italian frozen dessert company will pick up 40% stake in West Bengal's homegrown frozen dessert brand, Milkberry from the stable of Rainbow Dairy Food Product.

Siddhartha Sankar Ghosh, Managing Partner, Rainbow Dairy Food Product, said, "We are in advanced talks with two Italian frozen dessert companies for technical and financial joint venture and we'll seal a deal with one of them in a month's time. Though the deal is not yet sealed, but we'll divest 40 per cent stake in the company having its product brand name Milkberry."

The agreement is advised by an Italian consulting company 'Bizdev' and a memorandum of understanding (MoU) has been signed with it.

Jean-Claude Morel, Founder and Managing Partner, Bizdev, Italy, said "Italian companies are very impressed and excited over the positive developments taking place in West Bengal recently. I personally attended Bengal chief minister's business meetings in Milan as part of the Italian business team and our interest in this part of India grew manifold. We are very excited about the establishment of association with Milkberry."

Milkberry is present in the eastern and north-eastern states, with over 40 variants and flavours. 

"We are now aiming at a high growth rate of 100 per cent with new flavours with Italian tie-up. The new products will be co-branded," Ghosh said.