India’s Adani Wilmar and Ruchi Soya Form JV to Tap into Growing Demand for Food in India
26 May 2016 --- India's Adani Wilmar and Ruchi Soya are teaming up to form a joint venture (JV) in India, as they look to tap into the growing demand for food in the country which has a population of over one billion people.
The JV will produce and distribute vegetable oils, soya foods, grains, castor oils, biodiesel and other products and hope to cut costs by bringing together the two companies' procurement, marketing and distribution channels.
Kuok Khoon Hong, chairman and CEO of Wilmar, said: “We are very bullish on Indian demand for high quality food products due to population and economic growth. The joint venture will be well-positioned to leverage on its strong base in edible oils and capture a good share of this demand to become one of India’s leading FMCG companies."
A name for the JV has not been named yet and it will need to be granted regulatory approval before its fully operational.
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