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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

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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 ...