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Kwality, the leading Indian dairy firm, is pulling the plug on its operations in Dubai, UAE in the face of falling milk prices, according to a report in Arabian Business.
Kwality Dairy Products DZE is located in Dubai’s Jebel Ali Free Zone and is a 100% subsidiary of the Indian firm. A slump in the global prices of skimmed milk powder and anhydrous milk fat is said to be behind the decision to wind up the operation.
According to a description on the Kwality website, the UAE subsidiary was originally established to import skimmed milk powder, whole milk powder as well as derivatives of milk, ghee, butter & other dairy products from European countries such as Turkey, Poland and Ukraine, and then market these products in the Middle East and Asia.
In a statement to the Bombay Stock Exchange, Kwality said that the closure of its operations in Dubai would be undertaken “in a phased manner”.
The move does not affect Kwality branded ice creams, which are owned by the non-affiliated Pure Ice Cream, a subsidiary of India’s Graviss Group.
Source: Arabian Business / Kwality
