Megmilk Snow Brand Company Limited has introduced a partnership with Agrocorp International Pte Limited, a Singapore-based world agricultural commodities firm. The joint venture will manufacture and market plant-based meals components.
In its ‘Medium-Term Management Plan 2025’, Megmilk had recognized getting into the plant-based meals sector as an necessary new enterprise space. Agrocorp too has been seeking to additional broaden its downstream enterprise capability in plant protein extraction, following its first facility in Saskatchewan, Canada.
This partnership will search to leverage the strengths of each firms, with the joint venture firm established in Singapore and an entirely owned subsidiary in Malaysia, the place a manufacturing facility shall be set as much as manufacture plant protein and starch isolates. The venture goals to fulfill the rising demand for plant-based meals and drinks. The firms plan to infuse capital of $21 million (roughly ¥2.8 billion) within the joint venture, out of which Agrocorp will make investments 51%, whereas Megmilk will make investments 49%.
“We are excited to partner with Megmilk Snow Brand, one of the largest dairy companies in Japan, to further our capabilities downstream in the plant protein extraction business,” Vishal Vijay, director of strategic investments, Agrocorp International, mentioned. “This is our second major investment in protein extraction after our first facility in Saskatchewan, Canada, and we hope to be able to service the growing demand in Asia for plant-based food,” he added.
A worldwide agri-commodity agency specialising within the sale of staple meals merchandise akin to wheat, pulses and sugar to main meals producers within the Asia Pacific and Middle East areas, Agrocorp International has additionally just lately launched its plant-based components enterprise. Headquartered in Shinjuku-ku, Tokyo, Masatoshi Sato is the present consultant director and president of Megmilk Snow Brand.
