Heritage Foods today formed a joint venture with French firm Novandie to set up a green field manufacturing plant for fruits and flavoured yogurt with an investment of Rs 16 crore.
The 50:50 joint venture will have an initial annual capacity of 20 tonnes per day and will manufacture and market fruits and flavored yogurt, as well as Western type desserts, Heritage said in a statement.
The JV will invest around Rs 16 crore for the first plant and the commercial production is expected in 2018, it added.
Its executive director Nara Brahmani said the joint venture with Novandie, a leading yogurt player in France is one of the steps we have taken on the path to achieving Rs 6000 crore revenue by 2022.
In the June quarter its net profit fell 40 per cent to Rs 10.33 crore, despite a 32 per cent jump in revenue to Rs 618.27 crore.
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