Indian-based Heritage Foods has formed a joint venture with French dairy company Novandie, a subsidiary of French food giant Andros, to set up a greenfield manufacturing plant for fruits and flavoured yogurt in France.
The investment from Heritage Foods will be INR 160 million ($2.49 million) and will ensure the 50:50 joint venture will have an initial annual capacity of 20 tonnes per day, manufacturing fruits and flavoured yogurt. Commercial production at the new facility is expected to commence in 2018.
Heritage Foods executive director Nara Brahmani said: “We are excited about our joint venture with Novandie, who are a leading yogurt player in France. This is one of the major steps we have taken on the path to achieving INR 60 billion ($934.5 million) revenues by 2022.”
The company, which turned over INR 26.43 billion ($412 million) in 2016/17, sold its retail, bakery and agri-business to Future Retail Limited last year to consolidate and focus on dairy as a single-line business.
© FoodBev Media Ltd 2017