Ruchi Soya Industries has inked JV with Kagome Co, a tomato product company of Japan and Mitsui & Co., one of the trading, investment and service company to launch new products in India.

In the JV company – Ruchi Kagome - Ruchi Soya will have 40 per cent stake while the rest 60 per cent will be held by an SPV formed by Kagome and Mitsui. The SPV company consists of  66.7 per cent stake of Kagome and 33.3 per cent of Mitsui. Ruchi Kagome will launch premium tomato puree, sauces, ketchup and other world-class products in India by setting up a new facility in Maharashtra. Ruchi Kagome already has identified land for the project.

The new facility will come up with an initial investment of Rs 44 crore. It is expected to be ready for commercial production by June 2014. Ruchi Kagome will work closely with Indian Farmers to drive a tomato revolution in the country through high yielding seeds, sharing global knowledge to educate local tomato producers & setting up local support centers to handhold farming community in India. It plans to partner with the Indian Farmers to take Indian tomatoes to global standards and enable India to create import substitution.