Thai Union Group PCL has signed an agreement with R&B Food Supply PCL (RBF) and Srinivasa Cystine Private Limited (SCPL) to launch a new company to provide high quality food ingredient-based services in the Indian market.
Specifically, the new company will market RBF’s food ingredient products, including flavorings, as well as coatings, while potentially exploring setting up its own manufacturing facility in India. The new company will be registered in India with an authorized capital of EUR 200,000 and Thai Union will each hold 51 percent, 30 percent and 19 percent of the ordinary shares, respectively.
Somchai Ratanapoompinyo, CEO of RBF, explains that “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. Using Thai Union’s global platform, we were introduced to Avanti Group, which has a solid reputation and a track record of several decades in India. With our partners, we are confident of leveraging our extensive expertise in food ingredients to produce innovative products tailored to Indian customers. This milestone fulfills RBF’s strategic direction to become a global player.”
Alluri Indra Kumar, president and chairman of SCPL , adds, “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, poultry and meat processing.”
Thiraphong Chansiri, CEO of Thai Union , reiterates that “bringing RBF and Avanti Group together is a testament to the power of partnership and the mutual trust and respect between our partners. With India’s food export sector moving towards value addition, we see exciting potential for food ingredients. Our combined strengths will accelerate the joint venture’s ability to meet this growing need. As a global food player, we will leverage our capabilities and network to support the joint venture in the future.”
This new partnership, facilitated by Thai Union, leverages the respective strengths of RBF, Thailand’s leading food ingredients company, and SCPL, an associate company of Avanti Group, a leader in aquaculture and seafood processing in India.
