Godrej Agrovet sign JV with Tyson Foods

Mumbai, Jun 30, 2008 (Asia Pulse Data Source via COMTEX) -- TSN | Quote | Chart | News | PowerRating -- Godrej Agrovet Limited, a part of the Godrej group today announced a joint venture with US based Tyson Foods Incorporated, the world's largest meat processor and marketer, for poultry processing and marketing in India.

Tyson Foods will own 51 per cent stake in the joint venture while the rest would be owned by Godrej Agrovet, Godrej Agrovet's CEO, Balram Yadav said.

The joint venture will be named Godrej Tyson Foods and would focus on serving the growing demand for quality poultry in India with processed and value-added chicken products, he said.

A CEO would be appointed by Tyson for the JV, Yadav said, adding "we are working on the strategy (for the JV)". He declined to disclose the name of the venture.

"We will focus on all forms of processed chicken. Today's convenience-seeking consumer is looking for great-tasting, safe and healthy poultry products that don't compromise quality. The joint venture will deliver new processed and value-added products to satisfy these needs," he said.

"The USD 3 billion (Rs 12,000-crore) Indian poultry market represents a tremendous opportunity with processed and value-added chicken currently comprising only 6 per cent of the market. " Tyson's experience and Godrej's established supply-chain expertise and brands such as Real Good and Yummiez are ideally placed to maximise the value this market represents," Tyson Foods Limited's President International Rick Greubel said.

The joint venture will also offer India's expanding food service industry and modern retailers, innovative poultry solutions and world-class products customised to local tastes, he added.

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