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Heritage ropes in French firm for yogurt foray
Dairy major Heritage Foods Limited on Thursday announced a joint venture with French firm Novandie SNC to manufacture and market fruit and flavored Yogurt, as well as western style desserts.
Hyderabad: Dairy major Heritage Foods Limited on Thursday announced a joint venture with French firm Novandie SNC to manufacture and market fruit and flavored Yogurt, as well as western style desserts.
The joint venture company will set up a green field plant with a capacity of 20 metric tonnes per day with estimated capital outlay is Rs 16 crore for the first plant and the commercial production is expected during the year 2018.
“We are excited about our joint venture with Novandie, leading Yogurt player in France. This is one of the major steps we have taken on the path to achieve Rs 6,000 crore revenues by 2022,” said Nara Brahmani, the company’s Executive Director.
The board of directors of the company has proposed sub-division of existing one equity share of face value Rs 10 each of two numbers of equity shares of face value of Rs 5 each, subject to the approval of the shareholders. This is expected to improve the liquidity of the company’s shares on the stock market.
Meanwhile, the company reported a net profit of Rs 10.37 crore for the first quarter ended June 30, 2017, down from Rs 17.10 crore for the corresponding quarter last year.
