NIF and BVG group form JV to produce nutraceuticals

JV aims to tackle nutritional deficiency in women and children in India

National Innovation Foundation-India (NIF) has entered into an agreement with Bharat Vikas Group (BVG) India Ltd to form a new joint venture company for commercial production and marketing of nutraceuticals and healthy foods, a statement issued by NIF said.

A Memorandum of Understanding (MoU) was signed in this regard recently at BVG Office in Pune between H R Gaikwad, CMD, BVG India Ltd and Vipin Kumar, director and Chief Innovation Officer (CIO), NIF India.Nutraceuticals is a food containing health-giving additives.  

“BVG is keen to explore opportunities for nutraceutical and functional food based products for different segments of the society. As a result, it is entering into a joint and symbiotic relationship with NIF,” Kumar said in a statement.

“The joint venture company will be into manufacturing and marketing of various kinds of functional and medical foods and supplements developed at NIF for domestic use as well as for export to global markets,” Kumar said.

NIF and BVG will hold 50 per cent equity share capital in the company.

When asked about venturing into the nutraceuticals segment, Kumar said, "There is visible nutrition deficiency in women and children in India. We wish to bridge that deficiency by tapping into the nutraceuticals segment by providing food and products that contain adequate nutrients."

NIF is an autonomous body of the Centre's Department of Science and Technology (DST) providing institutional support to grassroots innovators and traditional knowledge holders from the unorganised sector of the society. Based in Ahmedabad, NIF claims to have the largest depository of grassroots innovations and outstanding traditional knowledge in the world.

BVG is a flagship company of Bharat Vikas Group and is amongst the best facility management brands employing over 45,000 people spread over 70 locations all over India.