KARACHI: ICI Pakistan Limited on Tuesday unveiled its plan to partner with Japanese and local companies to set up Rs4.8 billion worth of facility for making dairy products in the country.
The Karachi-based chemical firm, in a notice issued to the Pakistan Stock Exchange, said it will collaborate with Morinaga Milk Industry Company Limited of Japan and Unibrands Private Limited to establish the plant for manufacturing Morinaga infant formula products.
“The project is subject to regulatory approval,” the company said. “The partnership would include the distribution, marketing and sales of the locally manufactured infant formula.”
ICI Pakistan Limited’s equity stake in the proposed joint venture is intended to be 51 percent, while the combined equity stake of Morinaga Milk Industry Company Limited and Unibrands Private Limited will be 49 percent.
This plant is expected to be operational in 2018. The new, state-of-the-art manufacturing facility is set to be the first ever Morinaga manufacturing facility established in Pakistan.
“This development underscores the trust that ICI Pakistan Limited enjoys, nationally and with international partners, as a result of the company’s high operating standards in all the areas,” said an ICI spokesman.
NutriCo Pakistan Private Limited, a joint venture between ICI Pakistan Limited, Morinaga Milk Industry Company Limited and Unibrands Private Limited, has been importing, marketing and distributing products from the Japanese company since 2014.
ICI Pakistan holds 40 percent stake in NutriCo. Morinaga brands, founded in 1917, have had a presence in Pakistan for more than 38 years. “This new venture is in perfect alignment with our strategy, and the company’s brand promise, cultivating growth,” Asif Jooma, chief executive at ICI Pakistan said.