/ Case Study

Altios Enable Monin to Expand Quickly in India Through a Greenfield Investment Project

To increase sales in India and adapt its products to the local market, Monin sought the help of Altios’ local team to help them set up and staff a subsidiary, and to find the optimal way to produce their gourmet flavours locally.
Summary
From its humble beginnings in a small French town a century ago, Monin has become a global leader in gourmet flavours. Each day eight million drinks are flavoured using a Monin syrup. The family-owned business distributes its products in 150 countries. To increase sales in India and adapt its products to the local market, Monin sought the help of Altios’ local team to help them set up and staff a subsidiary, and to find the optimal way to produce their gourmet flavours locally.
Background
From its humble beginnings in a small French town a century ago, Monin has become a global leader in gourmet flavours for drinks and culinary. Each day eight million drinks are flavoured using a Monin syrup. A company dedicated to providing quality and innovation to its customers, the family-owned business distributes its products in 150 countries and runs five production facilities worldwide, with three new sites planned.
Challenge
With annual revenue of €300 million (2018) and 75 per cent of its sales outside of France, global markets play an instrumental role in Monin’s growth. For the company, expansion into a high-growth market was instrumental. The company saw India as its next market for global expansion. In 2016, Monin was ready to take the next step in India after several years of successfully exporting its products in the country. The company turned to Altios due to the firm’s knowledge and experience in India.
Solution
As a global advisory firm, Altios helps companies access major growth economies, and is a key partner to Monin’s expansion in India.
Entry-Point in a Growth Market
As Monin wanted to grow its presence in India beyond only the distribution of its products but to also adapt flavours to the local market, the company needed to find the right entry-point for growth without compromising quality. Altios guided Monin through each phase. First, Altios advised on the best options for manufacturing its products in the country. Monin could either acquire an existing manufacturer, co-pack or build a new facility. Working with Altios to determine the best option, Monin decided to set-up a manufacturing site to ensure the high-quality standards the brand is known for and enable Monin to be close to its customers.
Access to Government and Private Entities
Next, the team researched the best regions for the site. Altios and Monin visited multiple locations across India. They evaluated them based on several factors, including access to raw materials, roads, and, labour, as well as, taxes, local laws, and investment incentives that differ by state. Altios was a key liaison for site selection, working with local governments, and assisting in subsidiary incorporation, management, and expansion of the Monin India team. “Altios is a crucial partner to Moninʼs expansion in India,” said Germain Araud, Director at Monin. “Their team found the right location and talent, and they provide essential ongoing accounting and administration support. Their knowledge of local laws was instrumental and meant we could focus on our core business,” continued Araud.
Result
Accelerated Direct Investment in a Complex Market
Local knowledge is particularly important in India due to the unique business finance laws of the country. New incorporations are required to plan their finance needs three to four years in advance. Monin India Pvt. Ltd. officially incorporated in February 2019. The company aims to commission its Make-in-India Phase 1 factory by 2021. “The value-add Altios brings to Monin is our local footprint and knowledge,” said Madhav Raina-Thapan, Director of Altios India. “Working on the ground in India, we know legal and administrative regulations, and social and political nuances. Itʼs this kind of local understanding that Monin gained from working with Altios.”
Improved Quality and Customer Satisfaction
The decision to manufacture in India meant the third-generation company could continue to uphold the brand value of high-quality products using local ingredients. Monin sees this as not only an opportunity to expand further into the Indian market but to expand their product line. “Today, customers want natural products, and they pay attention to where ingredients are sourced,” said Araud. Now with a physical presence in India, Monin plans to develop new flavours that cater to the unique and vibrant culture of the country. Germain Araud of Monin said Altiosʼ local presence and network allows them to be closer to their customers, and to keep them in mind throughout the expansion process.
What sets Altios apart are its network and people. Altios is always looking towards the future for its customers and is prepared for whatʼs next.
Germain Araud,
Director at Monin
Monin
As a global leader in gourmet flavours for drinks and culinary, the French company distributes its products in 150 countries. Each day eight million drinks are flavoured using a Monin syrup. To meet growing demand, Monin has five production facilities worldwide: France, the US, Malaysia, and China, with new facilities planned in the US, Russia, and India.
Challenge
With 75 per cent of its sales outside of France, global markets are instrumental to Monin’s growth. To further its international sales, expansion into a high-growth market was key. Monin saw India as its next market for global expansion.
Solution
Monin turned to Altios due to the firm’s knowledge and experience in India. Working with Altios, the company determined that the best entry-point was the creation of a subsidiary and a production facility in India. The two-fold solution meant that Monin could adapt its flavours to the Indian market while ensuring product quality.
Result
The Altios team in India provided an accelerated direct investment in India through local recruitment of talent and creation of a subsidiary. In-country manufacturing facility ensures Monin’s standards of high-quality products, and local flavour creations are maintained. Made-In-India Phase 1 manufacturing site operational in 2021.

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