French company V Mane Fils and Kancor Ingredients, a domestic food and beverages ingredients provider, have entered into a joint venture partnership for developing various value added products for exports.
The French company has taken a majority stake in Kancor, a long term supplier, Jean M Mane, President and CEO of V Mane Fils said while refusing to give any further details of the terms of the agreement.
"The partnership is in line with our strategy of controlling the sourcing of our natural raw materials," he told a press meet here.
Sanjay Mariwala, Managing Director of Kancor said they would be jointly looking at enhancing investments, adding newer capacities and more employees will be added in phases.
Describing the partnership as a 'signficant step', Mariwala said it would help in building a unique high quality ingredients platform to cater to the global food and beverage industry.
Based out of nearby Angamally, Kancor, with a turnover of Rs 400 crore, has four plants in Kerala, Karnataka, Tamil Nadu and Uttar Pradesh.
The partnership creates a unique high technology hub for high quality food and beverage ingredients globally with investments in technology, infrastructure, markets and new products, Fils said.
On the growth of flavours market, he said world market was growing at the rate of 4-5 per cent annually after a crisis in 2008-09. While 2012-13 was a good year, 2014 has been 'bumpy' due to political events, he said.
Kerala Chief Minister, Oommen chandy, who was present, congragulated the two companies heads for the JV partnership and hoped more job opportunties would be thrown up. The government would provide all support, he said, adding "we want more investments to come to the state and we want more employment opportunities to be created".