Heritage Foods Ltd.

Heritage Foods Ltd. has approved a move to set up a joint venture with Novandie SNC based in Maromme, France, which will pave the way for a greenfield plant. The 50:50 joint venture, to be incorporated with an authorised capital of Rs. 1 crore, will manufacture and market fruit and flavoured yoghurt and Western-style desserts. Each company will nominate two directors to the venture and set up a greenfield plant with a capacity of 20 tonnes a day with an investment of Rs. 16 crore for the first plant, whose commercial operation is expected during 2018. The company also acquired the dairy business of Reliance Retail Ltd. on a slump basis, according to N Bhuvaneswari, Vice-Chairman and Managing Director of Heritage Foods. Nara Brahmani, Executive Director, said, “Our joint venture with Novandie is one of the major steps we have taken on the path to achieving Rs. 6,000-crore revenues by 2022.” She added: “We are happy to announce that Reliance Dairy business integration with the company has been successfully completed.”