Tyson enters joint venture in India
June 30, 2008
by FoodBusinessNews.net Staff
MUMBAI, INDIA — Tyson Foods, Inc. announced it has acquired majority ownership of Godrej Foods, Ltd., one of the leading poultry processing businesses in India.
"Poultry production and consumption is growing in India, and we believe the timing is right for us to bring our expertise and resources to this emerging market," said Rick Greubel, group vice-president and international president for Tyson Foods. "India has a population of more than 1.1 billion people, and while per capita chicken consumption there is currently less than 5 lbs a year, its annual growth rate of more than 10% is among the highest in the world."
Godrej Foods is a subsidiary of Godrej Agrovet, Ltd. The joint venture will be called Godrej Tyson Foods, with Tyson having 51% ownership.
Annual sales for the venture are expected to be in the range of $50 million and should grow with expansion.
"We’re excited about partnering with Tyson because of its international reputation for quality and innovation," said Balram Yadav, chief executive officer of Godrej Agrovet, Ltd. "We believe this joint venture will boost our continued efforts to modernize the way high-quality poultry products are developed, produced and distributed in our country."