Heritage Foods forms JV with French company Novandie

Purva Marwaha - 16/08/17

Heritage Foods forms JV with French company Novandie

Heritage Foods today formed a joint venture with French firm Novandie to set up a green field manufacturing plant for fruits and flavoured yogurt with an investment of Rs 16 crore. 

The 50:50 joint venture will have an initial annual capacity of 20 tonnes per day and will manufacture and market fruits and flavored yogurt, as well as Western type desserts, Heritage said in a statement. 

The JV will invest around Rs 16 crore for the first plant and the commercial production is expected in 2018, it added. 

Its executive director Nara Brahmani said the joint venture with Novandie, a leading yogurt player in France is one of the steps we have taken on the path to achieving Rs 6000 crore revenue by 2022. 

In the June quarter its net profit fell 40 per cent to Rs 10.33 crore, despite a 32 per cent jump in revenue to Rs 618.27 crore. PTI GDK BEN NP

 

Source: India Today, http://bit.ly/2i59nRh

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The Agrofood Department assists French companies in their international development strategy and promotes trade between France and India. In order to maximize commercial opportunities between French and Indian companies, the Department organizes French Pavilions at a number of key exhibitions in India, as well as offering other B2B networking events and individual partnering services. The Department provides expertise in : • Wine and spirits, • Meat, dairy, transformed products • Fruits and vegetables, Organic food • Food production industry, packing, farming machinery Head of Department : Mr Olivier Delbecq  olivier.delbecq@businessfrance.fr

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