Seafood giant Thai Union Group has bought into partner Avanti Feeds’ new frozen foods business by acquiring a INR 1.25 billion (USD 18.8 million, ERU 16.6 million) stake in the unit, according to Indian media website VCCircle.com. The investment will give Thai Union a 40 percent stake in the venture.
Avanti Feeds, founded in 1993, is a shrimp processor and exporter and produces prawn and fish feeds. Thai Union was an early investor in the Hyderabad-based company, which has feed manufacturing facilities in Kovvur, Vemuluru in West Godavari District and in Andra Pradesh and Pardi in Valsad District, Gujarat, with a combined capacity of 90,000 MT annually.
Avanti Feeds also owns an ACC-accredited shrimp processing and exports unit located near Ravulapalem, East Godavari District, Andra Pradesh. Last year, it announced it would spin off that facility into Avanti Frozen. As part of the spin-off, plans are in the works to build a new shrimp processing facility in the same location, according to the VCCircle article.