Andhra Pradesh chief minister N. Chandrababu Naidu-founded dairy firm Heritage Foods announced that it has tied with French dairy company Novandie to set up a 50:50 joint venture for manufacturing of flavoured yogurt and desserts.
The joint venture will set up a Greenfield plant with a capacity of 20 tons per day at an investment of Rs 16 crore for the first plant, which is expected to be operational by 2018. The Hyderabad headquartered dairy company had been in discussions with the French firm since quite some time.
Nara Brahmani, Executive Director, Heritage Foods, 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.”
Heritage Foods is one of the fastest growing Public Listed Companies in India, with two-business divisions viz., Dairy and Renewable Energy under its flagship Company Heritage Foods Limited (Formerly known as Heritage Foods (India) Limited). The annual turnover of Heritage Foods crossed Rs.2642.89 crores in financial year 2016-17.
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