EID Parry has announced a joint venture (JV) with Synthite Industries.
Parry Nutraceuticals (a division of EID Parry and part of the Murugappa Group) will focus on the human nutrition segment, and Synthite Industries on the food colours and additives segment.
The JV company will set up a manufacturing facility in Tamil Nadu with an investment of around Rs 40 crore for the production of Phycocyanin.
To start with, the JV will focus on extracting Phycocyanin from Spirulina. In due course, it will look at other avenues within the microalgae segment, thereby building the business into a company with a diversified value-added Algae portfolio.