New Zealand-based Fonterra, the world’s largest dairy exporter, announced a joint venture with Mumbai-based Future Group to produce a range of consumer and food service dairy products for the Indian market. The new entity which will be known as Fonterra Future Dairy Partners, will enable Fonterra to establish a presence in India.
Lukas Paravicini, Fonterra’s chief operating officer, Global Consumer and Food Service, said, “It [the JV] will allow us to prepare the groundwork and make the most of our expertise as we enter the world’s largest and fastest growing dairy industry. Consumer demand for dairy in India over the next seven years is set to increase by twenty-two billion gallons (82 billion litres) — seven times the growth forecast for China.” The first consumer products in India will be launched by the middle of 2019, using both locally sourced milk and dairy products from New Zealand, he added.
Future Consumer, a part of the Future Group plans to unveil 1,100 stores this year. Its managing director Ashni Biyani said that through this partnership, the company would be able to reach its customers daily with quality dairy products.
