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Solae to hive off soy business

Our Corporate Bureau Mumbai
Missouri-based The Solae Company, a global leader in soy protein and a joint venture between DuPont and Bunge, will transfer the business to its newly formed wholly owned subsidiary, The Solae Company India, in 2005.
 
The Solae Company has been operating in India as a division of E I DuPont India since 1996. It is now planning to set up a manufacturing facility here.
 
Sanjeev K Chaudhry, area director, south Asia and country head, India, said: "We have recently set up our separate legal entity and will bring in business under this new company. We will approach the Foreign Investment Promotion Board seeking clearances for making investments in a manufacturing base in India." The investment is estimated between Rs 30 and Rs 50 crore.
 
"We expect to locally manufacture our products in 2006," Chaudhry added.
 
In one of the rare business models in the consumer goods industry, the Indian outfit has launched its first-ever global consumer brand, as The Solae Company is primarily a B-to-B company. It has launched 'Soy day', a textured soy protein-based product for the consumer market in India.
 
Mostly multinational consumer goods companies introduce global brands/categories for the Indian consumer.
 
The global company plans to replicate this business model in other countries like the Philippines, Malaysia, Latin America and the Saarc region.

 
 

 

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First Published: Dec 24 2004 | 12:00 AM IST

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