Gemini Edibles and Fats India, a Hyderabad-based sunflower oil producer, has partnered with Coimbatore’s Sree Annapoorna Foods to form a joint venture, 'GEF Foods India'.
For Gemini, this will be a venture into the spices segment. The venture involves a Rs 70 crore investment, including Rs 20 crore for working capital. Gemini holds a 70 percent stake, while Sree Annapoorna owns 30 percent.
Initially targeting Tamil Nadu, the business will expand across South India. Capacity at the Coimbatore plant will be increased, and a new facility is planned in Tamil Nadu within two years. Sree Annapoorna’s annual turnover of Rs 45 crore is expected to more than double to Rs 100 crore next financial year.