Gemini Edibles and Fats and Sree Annapoorna Foods form JV

Gemini Edibles and Fats India, a Hyderabad-based producer of sunflower oil, has formed a joint venture called GEF Foods India Pvt. Ltd. with Coimbatore-based Sree Annapoorna Foods, a spice processing brand.

Group vice-president of Gemini Edibles and Fats India, Akshay Chowdhry, said Gemini will have 70 % share in the new company and Sree Annapoorna 30 %. The investment in the new company is ₹70 crore, including ₹20 crore for working capital.

Sree Annapoorna had an annual turnover of ₹45 crore and it will rise to ₹100 crore next fiscal. The initial focus will be on the Tamil Nadu market and gradually expand to South India.

The current capacity utilisation at the existing plant in Coimbatore will be increased and the company will look for land, preferably in Tamil Nadu, in two years to set up a new plant. For Gemini, this will be a venture into spices market.