Parry Nutraceuticals JV to make high-value algae products, eyes Europe, US

The 50-50 JV will leverage on Parry Nutra's Spirulina cultivation strengths and Synthite's extraction capabilities making it a good strategic fit for both partners

Parry Nutraceuticals, a division of Murugappa Group's EID Parry has formed a joint venture with Synthite Industries Ltd to grow the business as a value-added algae company. 

The 50-50 JV will leverage on Parry Nutra's Spirulina cultivation strengths and Synthite's extraction capabilities making it a good strategic fit for both the partners. 

The joint venture will set up a manufacturing facility in Tamil Nadu at an investment of about Rs 400 million (Rs 40 crore) for the production of Phycocyanin, a natural blue pigment extracted from Spirulina. 

Phycocyanin is a complex of light-harvesting proteins, extracted from Spirulina, which has a characteristic deep blue