Fonterra, Future Group announce JV for Indian mkt
The JV, Fonterra Future Dairy Partners, would enable New Zealand-based Fonterra to establish its presence in India.
"It (partnership) will allow us to prepare the groundwork and make the most of our expertise as we enter the world's largest and fastest growing dairy industry," Fonterra's Chief Operating Officer Global Consumer and Foodservice Lukas Paravicini said in a statement.
Consumer demand for dairy in India over the next seven years is set to increase by 82 billion liters – seven times the forecasted growth for China, he added.
"The partnership will be driven by growth through profitability. The initial stages of the partnership will focus on product development, and marketing with the right capital investment made during this period," Paravicini said.
The first consumer products in India will be launched by the middle of 2019, using both locally sourced milk and dairy products from New Zealand, he added.
"We will also use this time to settle in the partnership infrastructure, learn the market and prioritize geographies," he added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)