Godrej Agrovet enters into joint venture with ACI, Bangladesh

Mumbai: Godrej Agrovet (GAVL) owned by the Rs45 billion Godrej Group, marketers of 'Real Good Chicken,' with a large presence in cattle, poultry, aqua feeds, innovative agricultural inputs, oil palm plantation and plant biotech has entered into a joint venture with Advanced Chemical Industries (ACI), Bangladesh, to set up animal feed and poultry businesses in Bangladesh.

Nadir Godrej, chairman, GAVL, and Anis Ud Dowla, chairman of ACI, signed an agreement to this effect on June 20, 2004. GAVL and ACI will have equal stakes in the joint venture.

The joint venture called ACI Godrej Agrovet will be in charge of setting up feed mills, poultry breeding, hatchery and poultry rearing operations in Bangladesh.

Announcing the joint venture, C K Vaidya, managing director, Godrej Agrovet., said, "We are happy to enter into this joint venture with ACI, Bangladesh, especially since it is a highly reputed company having diverse businesses that will help leverage this joint venture. Also we already have an existing relationship with ACI for the distribution of Godrej Sara Lee products."

ACI with a presence in pharmaceuticals, agro-chemicals, FMCG and household insecticides is listed on the Dhaka and Chittagong stock exchanges. The company is into a number of joint ventures with Indian and multinational companies. ACI also distributes household insecticides marketed by Godrej Sara Lee Bangladesh.
ACI Godrej Agrovet is expected to commence operations early next year.

Godrej Agrovet with a turnover of Rs8 billion in 2003-04 is the largest seller of animal feeds in India - 8,00,000 MT. The company has pioneered the concept of processed, fresh, chilled chicken with the launch of 'Real Good Chicken' and has opened retail outlets in Mumbai, Pune, Chennai, Bangalore and Hyderabad. GAVL sells its animal feeds under the brand names of Bypro, Milk More and Crumbo among others.