Indian grocery chain Tata Foods, which is facing pressure from a widening gap in its grocery market, is using a “no-lose” strategy to attract customers.
It has already said that it will close down at least 50% of its stores in the country by the end of the year, but the chain has been facing some tough competition from local retailers.
“The market is a no-brainer.
We are very confident in the strength of our products,” CEO Rajesh Rao said.
Tata Foods has a long history of success in India, with its namesake brand having been sold there for over 80 years.
In the past, the company has been a pioneer in the retail space.
Its iconic brand of Indian food products, known as Tata Paneer, has been exported to more than a dozen countries around the world, and has been the subject of several international awards.
According to a Reuters report, Tata Foods is also looking at a sale of its food business to a private equity group, with a value of at least $100 billion, to further diversify its business.
The chain has also recently said it would not make any layoffs as a result of the government shutdown.
Indian Prime Minister Narendra Modi has been urging companies to diversify their businesses as a way to diversifying the economy.
As part of the move, Tata’s food business has been making investments in India to increase its presence in the market.
Its latest investments include a project to create more than 4,000 food and beverage jobs in the state of Goa.
(Read: What India can learn from India)India has long been a major player in the food industry, with the country’s food consumption being estimated at over 4 trillion tonnes annually, or about 10% of global consumption.
India also ranks third in the world for the number of tonnes of fruits and vegetables consumed, behind the United States and France.