By IANS,
Pune : With an eye on the $3 billion Indian poultry market, Godrej Agrovet Ltd has signed a joint venture with US-based Tyson Foods Incorporated, one of the world’s largest meat processors and marketers.
The new company will be called Godrej Tyson Foods and will cater to the growing demand for quality poultry in India with processed and value-added chicken products. The joint venture was signed Monday.
The venture will make use of the processing and product development expertise of Tyson with Godrej’s strong supply-chain management in India.
Through a release issued here, Balram Yadav, CEO, Godrej Agrovet said: “Today’s convenience-seeking consumer is looking for great-tasting, safe, and healthy poultry products that don’t compromise quality. The joint venture will deliver new processed and value-added products to satisfy these needs.”
Rick Greubel, Tyson Foods Ltd’s president international, said: “The Indian poultry market represents a tremendous opportunity with processed and value-added chicken currently comprising only six percent of the market. Godrej’s established brands such as Real Good and Yummiez are ideally placed to maximize the value this market represents.”
The joint venture will also offer India’s expanding food service industry and retailers, innovative poultry solutions and world-class products customised to local tastes.
Since 2000, the Indian poultry market has posted 10 percent growth rate which is more than that obtaining in other developing and developed markets. The per capita consumption at 1.8 kg per year is, however, much lower and presents a tremendous opportunity for future growth.
Tyson at present has over 300 facilities and offices in the US and around the world. Godrej Agrovet Ltd, a part of the Godrej Group, is a market leader in animal feeds, poultry, innovative agri-products and oil palm development in India.
Godrej Agrovet set up its Integrated Poultry Business (IPB) in 1999 to provide Indian consumers with world class products.