After a decade’s absence, New Zealand-based Fonterra will return to India — one of the world’s fastest growing dairy markets. The company said that it partnered with Mumbai headquartered retail major Future Consumer, part of Future Group, to make a range of consumer and dairy products. This JV was announced last year by both Sunil Sethi, chairman, Fonterra Future Dairy and Ashni Biyani, managing director, Future Consumer.
Lukas Paravicini, Fonterra’s chief operating officer, global consumer and food service, said that the market in India had evolved significantly since Fonterra’s departure. “It’s gone away from the traditional, locally based product to more innovative value-added range of products. We know that we can’t do it alone. The market is too complex and too big.”
Paravicini added that the joint venture comes at a time when the Indian dairy industry is transforming itself away from traditional locally-based dairy businesses with limited product and brand differentiation, to a new era where more value-added and innovative dairy products are in high demand across the country.
