Soya products and refined cooking oil maker Ruchi Soya Industries is expanding into the tomato market with a joint venture with Japan's Kagome Co and Mitsui & Co.
According to the company around 17 million tons of tomatos are produced in India each year, second only to China. However, only 1 percent of that is further processed.
The JV company Ruchi Kagome aims to focus on this untapped market and make products like tomato ketchups, pasta sauces and purees.
Ruchi Soya will have 40 per cent stake in the venture and the rest will be held by a special purpose company created by Kagome and Mitsui, in which Kagome (processed tomato business leader in Japan) will hold 66.7 per cent and 33.3 per cent stake will be held by Mitsui, a trading investment and services firm.
The company will set up a factory in Maharashtra at an initial investment of Rs 44 crore and initial production will begin from mid-2014, Dinesh Shahra, Ruchi Soya's MD and founder told reporters in a press conference.
It will directly procure from farmers and the aim is to gain 20 percent market share in the processed tomato segment in 5 years, he added.
In the first phase, the JV will tap the business-to-business channel and then target consumers.
It will initially focus on market areas around Mumbai, the National Capital Region and Bangalore.
Ruchi Soya shares gained near 7 percent post the announcement and finally closed up 0.6 percent at Rs 69.50.
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