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NUTRITION

Parry-Synthite JV to leverage marketing strengths, set up facility in TN
Monday, 05 February, 2018, 08 : 00 AM [IST]
Our Bureau, Mumbai
EID Parry (company with Parry Nutraceuticals under its fold) has announced a joint venture with Synthite Industries Ltd, Cochin, with a vision to grow the business as a value-added algae company. The 50-50 JV will leverage on Parry Nutraceuticals’ spirulina cultivation strengths and Synthite’s extraction capabilities making it a good strategic fit for both the partners.

In addition, their strengths in marketing will be synergistic, with Parry Nutraceuticals focussing on the human nutrition segment and Synthite Industries on the food colours and additives segment. Spirulina is an established nutritional health supplement and is the flagship product of Parry Nutraceuticals.

The JV will set up a manufacturing facility in Tamil Nadu with an investment of around Rs 40 crore for the production of phycocyanin, a natural blue pigment extracted from spirulina. Phycocyanin is a complex of light-harvesting proteins, extracted from spirulina which has a characteristic deep blue colour. Phycocyanin offers excellent stability and flexibility for application in a variety of food and beverages and is approved by all major regulatory bodies in USA, the EU, Japan and South Korea as food colour.  

Aju Jacob, director, Synthite Industries, said, "Our partnership will offer our customers a high quality, sustainable, supply of phycocyanin blue. Our leading edge technology will allow us to qualify our product as a natural 'colouring food' for European markets and as a certified organic product for the US market. We will also explore emerging opportunities in algae extracts for the global health and wellness industry."

Speaking about the JV, Muthu Murugappan, business head, Parry Nutraceuticals, said, “To start with, we will be focussing on extracting phycocyanin from spirulina. In due course, we will be looking at other avenues within the microalgae segment thereby building the business to a company with a diversified value-added algae portfolio.”

Synthite has made a mark in food ingredients, hospitality, realty, and wind power sectors. Parry Nutraceuticals is known for cultivation and processing of microalgae-based nutraceuticals. It is a division of EID Parry and a part of Murugappa Group.
 
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