BANGKOK – January 28, 2022 – Thai Union Group PCL (Thai Union) today announced the signing of a joint venture agreement with R&B Food Supply PCL (RBF) and Srinivasa Cystine Private Limited (SCPL) to launch a new company focused on serving high quality food ingredients to the Indian market.
This new partnership, facilitated by Thai Union, leverages the respective strengths of RBF, Thailand’s leading food ingredients company, and SCPL, an associate company of Avanti Group, which is a leader in aquaculture and marine food processing in India.
The new company will market RBF’s food ingredient products, including flavoring and coating, and will also over time potentially explore the setup of its own manufacturing facility in India.
The joint venture company will be registered in India with INR 100million authorized capital (INR 76million issued and paid-up capital). RBF, SCPL and Thai Union will each hold 51percent, 30percent and 19percent of the ordinary shares, respectively.
Somchai Ratanapoompinyo, CEO of RBF said that “this joint venture is the next step in the strategic alliance forged between RBF and Thai Union, and a further demonstration of the work being done to create mutually beneficial synergies. Utilizing Thai Union’s global platform, we were introduced to Avanti Group, which has a strong reputation and multi-decade track record in India. With our partners, we are confident in leveraging our extensive food ingredients experience to produce innovative products tailored for Indian customers. This milestone delivers on RBF’s strategic direction to become a global player.”
Alluri Indra Kumar, Chairman & Director of SCPL said he was “delighted to welcome RBF to partner with Avanti Group and bring their products to the Indian market along with Thai Union, our long-term partner with whom we have a strong relationship of almost two decades. India is a fast-growing market with high potential for food ingredients, such as food flavoring, coloring and coating products. I am confident that this new company, led by well-established food processing experts, will provide the food ingredients market with high quality products for seafood, chicken and meat processing.”
Thiraphong Chansiri, CEO of Thai Union said that “bringing together RBF and Avanti Group is a testament to the power of partnership, and the mutual trust and respect among our partners. With India’s food export sector moving towards value-added, we see an exciting potential for food ingredients. Our combined strengths will accelerate the joint venture’s ability to serve this growing need. As a global food player, we will leverage our capabilities and network to support the joint venture going forward.”
About Thai Union Group
Thai Union Group PCL is the world’s seafood leader, bringing high quality, healthy, tasty and innovative seafood products to customers across the world for more than 40 years.
Today, Thai Union is regarded as one of the world’s leading seafood producers and is one of the largest producers of shelf-stable tuna products with annual sales exceeding THB 132.4billion (US$ 4.2billion) and a global workforce of more than 44,000 people who are dedicated to pioneering sustainable, innovative seafood products.
The company’s global brand portfolio includes market-leading international brands such as Chicken of the Sea, John West, Petit Navire, Parmentier, Mareblu, King Oscar, and Rügen Fisch, Thai-leading brands SEALECT, Fisho, Qfresh, Monori, OMG Meat, Bellotta and Marvo, and ingredient and supplement brands UniQ™BONE, UniQ™DHA and ZEAVITA.
As a company committed to innovation and globally responsible behavior, Thai Union is proud to be a member of the United Nations Global Compact, and a founding participating company of the International Seafood Sustainability Foundation (ISSF). In 2015, Thai Union introduced its SeaChange® sustainability strategy. Find out more at seachangesustainability.org. Thai Union’s on-going work on sustainability issues was recognized when the company was listed on the Dow Jones Sustainability Indices (DJSI) for the eighth consecutive year in 2021and ranked number two in the world on the Food Products Industry Index. Thai Union was also named to the FTSE4Good Emerging Index for the fifth straight year in 2020.
About R&B Food Supply
RBF is Thailand’s leading smart one-stop food service provider with strong expertise in food and beverage innovation and ingredients. RBF’s offering specializes in flavoring, fragrance, food coating product, and other food ingredients products. The offerings are designed to enhance and enrich flavor and odor as well as to improve overall quality and nutrition following demands from consumers’ needs and lifestyle. Main customers include F&B manufacturers, restaurants, meat processors, and petfood manufacturers. The company also offers private-label products under brands such as Uncle Barns and Best Odour.
RBF has been an expert in food ingredients research and development for over 35years with a world-class team of over 60experienced experts capable of delivering innovative food ingredients solutions to our customers. The company strives to offer only the varieties of best-quality product that are differentiated, innovative, and unique to best satisfy any customer’s needs. Its production facilities include ten factories both in Thailand and Southeast Asia, all equipped with state-of-the art internationally-certified equipment capable of serving all customers’ needs.
The company’s vision is to become the global leading innovator of food and beverage sensorial experiences including odor, flavor, aesthetic, and textures while prioritizing our environmental, social, and governance (ESG) responsibilities.
About Srinivasa Cystine – an Avanti Group company
Srinivasa Cystine Private Limited (SCPL) is part of the Avanti Group, which is a reputed and well-established Group in Aquaculture and Marine Food Processing in India with annual sales of US$750million. SCPL is engaged in the trading of healthcare products for the aquaculture industry, while Avanti Feeds Limited and Avanti Frozen Foods Private Limited are engaged in shrimp feed manufacturing and shrimp processing, respectively.
The Avanti Group is promoted and managed by Mr. A. Indra Kumar, Chairman & Managing Director along with his sons Mr. A. Venkata Sanjeev and Mr. A. Nikhilesh Chowdary as Executive Directors. The family owns major stake in the Group companies.
SCPL has pan-India dealership network for its products which would be of great support to readily market RBF’s products in India.
Wiriyaporn Posayanonda M: +188.8.131.524 E: Wiriyaporn.Posayanonda@thaiunion.com
Jirawat Montreevong M: +66.80.976.4613 E: Jirawat.Montreevong@thaiunion.com