Heritage Foods, an Indian dairy firm, has announced it has agreed to establish a 50:50 joint venture with the French yoghurt maker Novandie, a subsidiary of fruit, dairy and bakery company Andros.
The joint venture is to see a facility established in France for the production of flavoured yoghurt and desserts. This plant, which is expected to be operational by 2018, will have an initial capacity of 20 tons per day and will receive investment from Heritage Foods of 16 crore INR ($2.5 million).
Commenting on the move, Heritage Foods executive director Nara Brahmani said: “We are excited about our joint venture with Novandie, (a) leading Yogurt player in France. This is one of the major steps we have taken on the path to achieving Rs 6,000 crore revenues by 2022”.
Source: Economic Times