NZ's Fonterra ends India partnership with Future after COVID disruptions (updated)

Future Consumer

10/03/2022 13:49

(Adds details on JV)
    BENGALURU, March 10 (Reuters) - New Zealand dairy giant
Fonterra Co-operative Group Ltd  FCG.NZ  will wind down its 2018
joint venture with Future Consumer Ltd  FTRE.NS  in the wake of
COVID-led disruptions, Future said on Thursday.
    India's growing number of dairy consumers remains a viable
market for Fonterra and it will continue to have a presence and
explore opportunities, Future said.
    "The last few years have been challenging for the joint
venture with COVID-19 causing significant disruption to the
Indian market," Future said in a regulatory filing https://www.bseindia.com/xml-data/corpfiling/AttachLive/e504e56e-4514-458a-9140-021b73f30e68.pdf.
    In its lifespan of over three years, the JV launched the
"Dreamery" range of dairy goods, products made using Indian
milk, and distributed some of Fonterra's products for the food
service sector.        
    Future said there would be no material impact on it
following the termination.
    

 (Reporting by Chris Thomas in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695;))