BENGALURU (Reuters) – New Zealand dairy giant Fonterra Co-operative Group Ltd will wind down its 2018 joint venture with Future Consumer Ltd 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.
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)
