Thai Union Group PCL (Thai Union) has entered into a joint venture agreement with R&B Food Supply PCL (RBF) and Srinivasa Cystine Private Limited (SCPL) to launch a new company focused on serving high-quality food ingredients In India.
The joint venture will leverage the respective strengths of RBF, a Thailand-based food ingredients company, and SCPL, an associate company of Avanti Group, an aquaculture and marine food processing firm in India.
Thiraphong Chansiri, CEO of Thai Union said, "Bringing together RBF and Avanti Group is a testament to the power of partnership, and the mutual trust and respect among our partners.
"With India’s food export sector moving towards value-added, we see an exciting potential for food ingredients. Our combined strengths will accelerate the joint venture’s ability to serve this growing need. As a global food player, we will leverage our capabilities and network to support the joint venture going forward."
The new company will market RBF’s food ingredient products, including flavouring and coating, and explore the option to set up its own manufacturing facility in India in due course.
Somchai Ratanapoompinyo, CEO of RBF said, “This joint venture is the next step in the strategic alliance forged between RBF and Thai Union, and a further demonstration of the work being done to create mutually beneficial synergies. Utilising Thai Union’s global platform, we were introduced to Avanti Group, which has a strong reputation and multi-decade track record in India.
“With our partners, we are confident in leveraging our extensive food ingredients experience to produce innovative products tailored for Indian customers. This milestone delivers on RBF’s strategic direction to become a global player.”
The joint venture company will be registered in India with INR 100 million (€1.2 million) authorised capital, with RBF, SCPL, and Thai Union each holding 51%, 30% and 19% of the ordinary shares, respectively.
Alluri Indra Kumar, chairman and director of SCPL said he was "delighted to welcome RBF to partner with Avanti Group and bring their products to the Indian market along with Thai Union […]."
"India is a fast-growing market with high potential for food ingredients, such as food flavouring, colouring and coating products. I am confident that this new company, led by well-established food processing experts, will provide the food ingredients market with high-quality products for seafood, chicken and meat processing," Indra Kumar added.
Read More: Thai Union Announces Investment In Insect-Based Pet Treat Firm
© 2022 European Supermarket Magazine. Article by Dayeeta Das. For more A-Brands news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.