India's Ruchi Soya Industries Ltd.
said Monday that it has entered into an agreement with two Japanese
companies to set up a manufacturing plant for tomato-based food products
in Maharashtra state with an investment of 440 million rupees ($8.1
million).
Ruchi Soya, India's largest edible-oil trading company, and Japan's Kagome Co. will each have a 40% stake in the joint venture, while Mitsui & Co. will hold the remainder, Dinesh Shahra, Ruchi Soya's managing director, told reporters.
"We aim to grab a 20% market share [in India for tomato-based food products] within five years from the start of operation," Mr. Shahra said.
India is witnessing rapid growth in its urban population, and the country's rising number of fast-food restaurants and changing eating habits will boost demand for such products, he added.
According to a report released earlier this month by the Confederation of Indian Industry and McKinsey & Co., Indians are now spending much more on high-value foods such as fruits and poultry and the value of the country's overall food consumption is likely to more than double to 22.5 trillion rupees by 2030 from 11 trillion rupees in 2010.
India and Japan have enjoyed strong economic ties for decades, and many Japanese companies have already invested in sectors ranging from autos to manufacturing.
The plant to produce tomato-based food products, including tomato puree, sauces and ketchup, will likely start commercial production by June 2014 and is expected to generate revenue of 3.4 billion rupees in five years, executives from Ruchi Soya and Kagome said.
India is among the top three tomato-producing countries in the world, with annual production estimated around 17 million metric tons.
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Ruchi Soya, India's largest edible-oil trading company, and Japan's Kagome Co. will each have a 40% stake in the joint venture, while Mitsui & Co. will hold the remainder, Dinesh Shahra, Ruchi Soya's managing director, told reporters.
"We aim to grab a 20% market share [in India for tomato-based food products] within five years from the start of operation," Mr. Shahra said.
India is witnessing rapid growth in its urban population, and the country's rising number of fast-food restaurants and changing eating habits will boost demand for such products, he added.
According to a report released earlier this month by the Confederation of Indian Industry and McKinsey & Co., Indians are now spending much more on high-value foods such as fruits and poultry and the value of the country's overall food consumption is likely to more than double to 22.5 trillion rupees by 2030 from 11 trillion rupees in 2010.
India and Japan have enjoyed strong economic ties for decades, and many Japanese companies have already invested in sectors ranging from autos to manufacturing.
The plant to produce tomato-based food products, including tomato puree, sauces and ketchup, will likely start commercial production by June 2014 and is expected to generate revenue of 3.4 billion rupees in five years, executives from Ruchi Soya and Kagome said.
India is among the top three tomato-producing countries in the world, with annual production estimated around 17 million metric tons.
Other Links
Ram Singh CBI (Central Bureau of Investigation)
Just 2/250: Ruchi Soya, ITC fastest homegrowns
Ruchi Tax Consultancy
Details of PAN and status of Income Tax return
CBI steps up heat on Birla, tells SC payments were made to politicians
CBI raids Janardhana Reddy's associates' residence
Coal scam: CBI registers two new cases against private companies
CBI conducts raids in connection with horse-trading allegation in Jharkhand Rajya Sabha elections
CBI raid at DMK leader M K Stalin's residence blatant misuse of power: BJP
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