Rasna plans to enter Egypt
Looking to extend its operations into the African continent, leading soft drink manufacturer Rasna Pvt Ltd plans to float a joint venture company in Egypt for setting up a food processing unit.
By PTI |
NEW DELHI: Looking to extend its operations into the African continent, leading soft drink manufacturer Rasna Pvt Ltd plans to float a joint venture company in Egypt for setting up a food processing unit.
The Ahmedabad-based homegrown major is negotiating with a local partner in Egypt to form a joint venture company through which it will set up a manufacturing unit with an initial investment of $5 million.
"The establishment will be a medium-size food processing unit. We are in talks with an Egyptian company, which specialises in milk products, for the joint venture," Rasna Pvt Ltd Chairman and Managing Director Piruz Khambatta told media.
Asked about the stake holding in the the proposed JV, he said the company was still working out the modalities and structure. "We are negotiating on the terms of equity partnership. In the next 3-4 months, we will finalise the structure of the project," Khambatta.
He said the Egyptian joint venture will focus on soft drink concentrate market and the new plant will manufacture the full range of Rasna powders, cordials and syrups of the company, he said. The proposed plant in Egypt will be Rasna's third overseas unit after its facilities in Dubai and Bangladesh.
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Rasna claims that it holds close to 93 per cent market share in the soft drink concentrate market in India and about 82 per cent of the in-house consumption of soft-drink market.Start a SIP with as low as ₹500 with ET Money App!
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