IG International, Deccan Exotics announce JV for growing avocados

Fresh fruit importer IG International on Monday announced a 50:50 joint venture initiative with independently-owned orchard and horticultural research centre Deccan Exotics to establish a plant nursery for growing avocados near Hyderabad with an initial investment of USD 1 million.

The joint venture company, IG Deccan, will be located in and around Hyderabad and will incorporate an investment USD 1 million in the first phase to establish a plant nursery for growing avocados, where the vision will be to generate 5 million trees in the next five years, IG International said in a statement.

The joint venture company will handle all the new varieties from the international breeding companies and help with sublicensing for cultivators in India, it added.

"Growth is vital, and when to cascade to the next level is even more important in the D2C market. Our joint venture with a pioneering company like Deccan Exotics will help us create a blooming biome for avocado exclusively for our buyers in India, and it will also create an opportunity for India to be the next big avocado market for importers abroad," IG International Director of Finance and Operations Tarun Arora said.

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