Thai Union Group and two other partners have completed the establishment of a joint venture that will make and sell food ingredients in the Indian market.
The newly-formed company, RBS - TU Food Ingredients, was registered in India on 26 April and will have authorized capital of INR 100 million (USD 2.9 million, EUR 2.7 million), with issued and paid-up capital of INR 76 million (USD 2.2 million, EUR 2.1 million), Thai Union announced.
Thai Union holds a 19 percent stake in RBF. The other stakeholders are R&B Food Supply Public Company Limited (51 percent) and Srinivasa Cystine Private Limited, an associate company of the shrimp-focused Avanti Group, which has a 30 percent stake.
RBF is a leading Thailand-based foodservice provider specializing in flavoring, fragrance, food-coating products, and other food ingredient products. Thai Union purchased a 10 percent stake in RBF in September 2021.
Beside operating distribution activities of food ingredients such as flavoring and coating, RBS will also consider the possibility of creating its own manufacturing facility in India.
Following the signing of the establishment of the joint venture in January 2022, Thai Union said the new company would lean on the “respective strengths” of the three companies in marketing RBF’s food-ingredient products.
“Bringing together RBF and Avanti Group is a testament to the power of partnership, and the mutual trust and respect among our partners,” Thai Union CEO Thiraphong Chansiri said. “With India’s food-export sector moving towards value-added, we see an exciting potential for food ingredients. Our combined strengths will accelerate the joint venture’s ability to serve this growing need. As a global food player, we will leverage our capabilities and network to support the joint venture going forward.”
Thai Union concluded the 2021 with record results in sales and net profits. Its sales value in 2021 also hit an all-time high as the company’s growth continued to thrive thanks to the strong performance of most of its key business segments.
However, on 18 April, 2022, Thai Union Founder and Chairman Kraisorn Chansiri resigned after receiving civil sanctions from Thailand’s Security and Exchange Commission for alleged insider trading.
Photo courtesy of R&B Food Supply
