 "Future Consumer calls off joint venture with dairy firm Fonterra")
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Future Consumer, a part of Kishore Biyani-led Future Group, on Thursday said it has decided to terminate a joint venture pact with New Zealand's dairy firm Fonterra.
The company's board at a meeting held today considered and approved the termination of joint venture arrangement with Fonterra (Europe) Cooperative, Future Consumer said in a regulatory filing.
The board has also approved the discontinuance of the business operations of the joint venture company -- Fonterra Future Dairy, subject to compliance with the applicable laws and obtaining of necessary consents and approvals as may be required, it added.
The companies had inked the joint venture agreement on August 8, 2018.
"Considering the impact of COVID-19 on the operations and performance of the JV company, it has been decided to terminate the joint venture arrangement," Future Consumer stated.
Upon the termination of the joint venture agreement, the JV firm will undertake the process of winding up the operations, subject to obtaining of necessary consent and approvals that may be required from statutory/ regulatory authorities, it added.
There is no material impact on the business of the company consequent to this termination, Future Consumer said.
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