Nutreco has formed a joint venture with Mumbai-based West Coast Group to supply the growing Indian aquaculture market. The companies will also start building a feed production facility in west India to supply to aquaculture farms in the region. The plant is expected to open in the first quarter of 2020.
West Coast Group is an integrated aquaculture enterprise operating on India’s west coast and on the Gulf of Cambay. It is the country’s eighth largest exporter of shrimp and a leading domestic distributor of frozen seafood and other food products.
Nutreco will take a majority share in the joint venture. Until the production facility is operational, Nutreco’s aquaculture division Skretting will supply feed from outside India into the region.
Expanding into growth markets
“I’m delighted that we’re announcing this joint venture,” said Nutreco CEO Knut Nesse. “Working together with West Coast Group, we’ll be able to ensure we serve the growing needs of the Indian aquaculture industry while delivering on Skretting’s ambition to further develop their warm water species activities.”
The joint venture will be managed by Skretting India’s General Manager Puneet Pokhriyal.
The joint venture is in line with Skretting’s strategy to continue expansion into nutritional solutions for warm water aquaculture species.
“The Indian aquaculture market is a fast-growing and dynamic sector and we are excited to be a part of it,” Skretting CEO Therese Log Bergjord said. “We have a comprehensive global product range for warm water species, and are looking forward to working with the local industry to introduce our products and knowledge to the region.”
“This joint venture strengthens our chain of integrated aquaculture operations and gives us the capabilities we need as we expand,” said West Coast Group Chairman Kamlesh Gupta. “We’re looking forward to working closely with Nutreco on developing this partnership. Our knowledge of the local market combined with Skretting’s long history of innovation in shrimp and fish feed will ensure customers get the very best of both worlds.”