New Zealand-based Fonterra Co-op Group Ltd. and India's Future Consumer Ltd. entered a joint venture partnership to produce and distribute a range of dairy products in India, according to an Aug. 8 release.
The initial phases of the joint venture will focus on product development and marketing, with the first products set to be launched by mid-2019. The products will use both locally sourced milk and dairy products from New Zealand, Fonterra said.
The dairy company added that the partnership will allow it to establish a presence in India. "We will also use this time to settle in the partnership infrastructure, learn the market and prioritize geographies," Fonterra Global Consumer and Foodservice COO Lukas Paravicini said in a statement.