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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
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