Indore-headquartered Ruchi Soya Industries Ltd, one of India's largest edible oil companies, has formed a joint venture with Canadian firm DJ Hendrick International Inc (DJHII) and Japan’s KMDI International for developing and commercialising specialty soybean seeds.
In the JV, Ruchi Soya will hold 55 per cent stake, DJHII will hold 35 per cent stake and rest 10 per cent will be held by KMDI International.
“The Joint venture aims to widen best crop management practices for soybean varieties tailored for different agro climatic zones of the country and adapt varieties to increase yield and also, increase the supply of specially designed functional, nutritious and affordable soy food products for the population especially women and children who need rich nutrition," said Dinesh Shahra, founder and MD of Ruchi Soya.
Currently, India is the world’s fifth-largest producer of soybeans in the world, producing approximately 12 million metric tonnes (MT) and 1.8 million MT of soybean oil annually.
“We have vast experience in soy seed research and production of quality food which is rich in nutritional values. Our knowledge and know-how will be very helpful in developing and achieving the objectives of the joint venture," said David Hendrick, chairman, DJHII.
DJHII is a soybean research corporation and its business involves research, production, processing and export of grains and oilseeds.
“Our expertise and experience in marketing will play an important role in developing the seed business of the joint venture," said Michael Tretiak, MD, KMDI International.
KMDI International, a trader and marketer of food grade soybeans, specialises in securing supplies of soybeans for imports into Japan.
Founded in 1986, Ruchi Soya is a flagship company of Ruchi Group of Industries, which has a turnover of over Rs 26,000 crore. Besides being a leading manufacturer of edible oils, vanaspati, bakery fats and soy foods, Ruchi is also one of the biggest exporter of soy meal, lecithin and other food ingredients from India. It has brands like Nutrela, Nutrela Soyumm, Ruchi Gold, Mahakosh, Sunrich and Mandap among others.
Ruchi Soya has five port-based refineries, three standalone crushing plants, eight crushing and refining plants, one refinery and vanaspati plant and two palm fruit processing units.
(Edited by Joby Puthuparampil Johnson)