WestCoast Group signs joint venture with Nutreco to build aquafeed facility in India
Nutreco has signed a joint venture agreement with Indian aquaculture firm WestCoast Group that will result in the Dutch firm’s aquafeed entering the Indian market and the construction of a feed production facility in west India.
Amersfoort, the Netherlands-based Nutreco will take a majority share in the joint venture. Nutreco CEO Knut Nesse said in the release his company expects the plant to open in the first quarter of 2020, and that until it becomes operational, Nutreco’s aquaculture division Skretting will supply feed from outside India into the region.
“I’m delighted that we’re announcing this joint venture,” Nesse said. “Working together with WestCoast Group, we’ll be able to ensure we serve the growing needs of the Indian aquaculture industry while delivering on Skretting’s ambition to further develop [its] warm-water species activities.”
The joint venture will be managed by Skretting India’s General Manager Puneet Pokhriyal.
Mumbai-based West Coast Group is an integrated aquaculture enterprise operating on India’s west coast and on the Gulf of Cambay. It is the country’s eighth-largest exporter of shrimp and a leading domestic distributor of frozen seafood and other food products, according to the release.
The joint venture is in line with Skretting’s strategy to continue expansion into nutritional solutions for warm water aquaculture species, according to Skretting CEO Therese Log Bergjord.
“The Indian aquaculture market is a fast-growing and dynamic sector and we are excited to be a part of it,” Bergjord said. “We have a comprehensive global product range for warm-water species, and are looking forward to working with the local industry to introduce our products and knowledge to the region.”
West Coast Group Chairman Kamlesh Gupta said his company is “looking forward to working closely with Nutreco on developing this partnership.”
“This joint venture strengthens our chain of integrated aquaculture operations and gives us the capabilities we need as we expand,” Gupta said. “Our knowledge of the local market combined with Skretting’s long history of innovation in shrimp and fish feed will ensure customers get the very best of both worlds.”