Del Monte Pacific join FieldFresh as JV partner

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Bharti Enterprises , one of India's leading business groups, and EL Rothschild Limited , today announced that it will induct Del Monte Pacific Limited as a strategic partner in their joint venture, FieldFresh Foods Pvt. Ltd ., with an equity of 40%. Bharti will continue to hold 50% in the company, with Rothschild staying in the company as a minority partner.

 

FieldFresh was incorporated with a focus on linking Indian fields with the world. The company has been exporting fresh fruits and vegetables to key markets including UK, the Middle East and Europe. The renewed focus of FieldFresh will reflect the changing retail environment and move from just fresh produce to processing. Given the growing opportunities in the Indian economy, FieldFresh plans to enhance its focus through value added products in the domestic market. It will also evolve a comprehensive strategy for serving the needs of the Business-to-Business segment. The company will continue to cater to export markets.

 

Commenting on the announcement, Rakesh Bharti Mittal, Vice-Chairman, Bharti Enterprises said, "We look forward to having Del Monte Pacific as a partner in our agri venture, FieldFresh. Having created the basic building blocks of the business in the fresh produce category, we are looking at upscaling our operations through processing and value added products. Del Monte will bring to FieldFresh its immense strength and experience in the area of processing and branded food products. Going forward, our aim is to emerge as a significant player in this segment."

 

Del Monte Pacific Limited is a leading company in the area of large-scale agro operations, processing, marketing and distribution of premium-quality food and beverage products. The company's operations span Philippines, China and India. At the same time, it exports its products worldwide. Globally, Del Monte Pacific enjoys a leading market share for processed pineapple products and is a leading market player in mixed fruits, tomato sauce, spaghetti sauce, juice and tomato ketchup in the Philippines. In India, Del Monte Pacific is engaged in the production, distribution and sale of mango pulp and puree. FieldFresh is acquiring the manufacturing facilities of Del Monte Pacific in India.

 

Mr. Joselito D. Campos Jr., Managing Director of Del Monte Pacific Limited, said, "India is the second largest producer of fruits and vegetables in the world, but with an insignificant percentage of processed foods. Currently, about 20-25% of fruits and vegetables are wasted due to spoilage. The potential in both fresh and processed segments is tremendous. We are excited to join hands with Bharti and Rothschild, who have done pioneering work in the agri sector in India".

 

According to Lady Lynn Forester de Rothschild, Chief Executive, EL Rothschild Limited, "We are delighted to have brought this company to a point where it has attracted large international players like Del Monte Pacific. We see this transaction as one template for what we can do in India.  We are committed to a broad range of investments in India where E.L. Rothschild partners with the best international brands to bring expertise, distribution and capital into the best operations in India for a win-win for all parties.  This is a positive way for us to participate in the explosive economic growth of India.  Our continued investment in FieldFresh represents our belief in the strong future for the venture as it moves to the next level."  

 

Sourced From: Rediffusion - DYR Public Relations