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Wasn't that a quick exit for Fieldfresh, the EL Rothschild company, from the joint venture it struck with Bharti group last year for exporting fresh produce from India? The UK firm has sold a 40.1 per cent stake from its 50 per cent stake in the JV - Indian FieldFresh Foods Private Ltd - to Philippine-based Del Monte Pacific Ltd for $20.85 million.
The acquisition will be made through Del Monte's purchase of 80.2 percent of investment company EL Rothschild, which will be now renamed DMPL India Ltd. UK Fieldfresh will stay as a minority partner in the JV with 9.9 per cent stake.
FieldFresh exports fresh fruits and vegetables to Europe and other markets, while it also sells to its domestic Indian market. The JV between Bharti Enterprises and ELRo Holdings India Ltd, an investment company of the Rothschild family, formed by Sir Evelyn de Rothschild and Lady Lynn Forester de Rothschild, was set up last year with an initial investment of $50 million. With Del Monte's entry into the venture, Indian FieldFresh would now focus on processed foods for the domestic market. Also part of the deal is that the existing Indian operations (tomato and puree manufacturing facilities in Bangalore) of Del Monte will be merged to the Bharti-Del Monte-Fieldfresh entity.