Financial Daily from THE HINDU group of publications
Tuesday, Mar 30, 2004
Agri-Biz & Commodities
Foods & Food Processing
Corporate - New Projects
Solae plans to set up production unit in India Launches soy products in tie up with Speedway
Mr Tony L. Arnold, President & CEO
New Delhi , March 29
THE Solae Company, a joint venture between DuPont and Bunge, today said it will manufacture textured soy proteins and soy protein specialty products in India and will shortly apply to the Foreign Investment Promotion Board (FIPB) for approval for investments through its Indian subsidiary.
``We have been evaluating the market for textured soy proteins for quite some time and found it to be highly adaptable to the Indian cuisine. Thereby we are intending to set up a manufacturing plant in the country this year. We consider India among the highest growth markets for the company," Mr Tony L. Arnold, President and CEO of The Solae Company, told presspersons.
The actual investments in India could range from $2 million to $15 million, depending on whether the basic raw material, soyameal, is sourced locally or imported from Brazil/US. The investments are proposed to be through a wholly-owned entity.
Meanwhile, Mr Sanjeev K. Chaudhry, Country Manager, Solae Company India, told Business Line that the company could explore synergies with Bunge's local subsidiary in matters such as manufacturing and logistics.
The company estimates a business potential in India worth $40 million for soya ingredients in the next five years.
Solae already has a tie up with about 200 companies for supplying soya ingredients, and the turnover of brands using Solae products in India is estimated at over Rs 250 crore.
``Our aim is to be an ingredient and technology powerhouse for food and beverage companies in the country operating in this space with our Solae brand of soy proteins,'' Mr Chaudhry said.
The company plans to get closer to Indian consumers through its co-branded products India's largest selling fortified soy protein milk powder Soy Vitya and a 100 per cent cholesterol-free Star Nut Health Bar launched today in a tie up with Speedway Food and Beverages.
The Solae Company is a leading supporter of research in the health benefits of soy proteins and is serving manufacturers, retailers and consumers in 80 countries.
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