NE BUSINESS BUREAU
MUMBAI, AUG 6
Godrej Agrovet Limited (GAVL), one of India’s largest diversified food and agri-business conglomerate, on Thursday announced that company has signed a definitive agreement with Tyson India Holdings Limited, an affiliate of Tyson Foods, Inc. to buy its 49 per cent stake in Godrej Tyson Foods Limited (GTFL), a subsidiary of GAVL for Rs 322.8 crore. Following the completion of the transaction, GAVL will now hold 100 per cent stake in GTFL thereby further consolidating its business.
- Following the completion of the transaction, GAVL will now hold 100 per cent stake in GTFL thereby further consolidating its business
- With the presence in more than 35 cities and increasing, the company has also started exporting products under Godrej Yummiez brand to several countries
In 2008, GAVL had entered into a joint venture with an affiliate of Tyson Foods, Inc. to manufacture and market processed poultry and vegetarian products. Selling products under its brands ‘Real Good Chicken’ and ‘Yummiez’, GTFL is also engaged in the sale of live poultry birds in the market.
“Our partnership with Tyson Foods has been very enriching. Enabling us to leverage their capabilities in vertically integrated poultry processing and product development, it enabled us to modernize the way high quality poultry products are developed, produced and distributed in our country,” said Balram Singh Yadav, Managing Director, Godrej Agrovet Limited.
He further added, “The household penetration of frozen snacks in India is below 6%, indicating ample room for expansion. Hence, as we continue to focus on branded business supported by a cost-efficient live bird production system, our endeavour is to strengthen our portfolio and increase our presence across different channels.”
Godrej Tyson Foods operate in B2C space through value-added products such as Real Good Chicken and Godrej Yummiez whereas in the B2B vertical, it supplies processed chicken to renowned brands across leading hotel chains and quick service restaurants. With the presence in more than 35 cities and increasing, the company has also started exporting products under Godrej Yummiez brand to several countries.
