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Roquette acquires majority share in starch manufacturer Riddhi Siddhi
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Monday, 04 June, 2012, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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fiogf49gjkf0d Roquette, a leading global company operating in the starch space, recently announced in Lestrem, Pas-de-Calais, France, that it has acquired the three corn-starch production sites of Riddhi Siddhi Gluco Biols Ltd, an Indian family-owned starch manufacturing company. It now plans to invest in new capacities and launch value-added products.
Riddhi Siddhi Gluco Biols Ltd's production sites are located at Gokak, Karnataka; Pantnagar, Uttarakhand and Viramgam, Gujarat. They became a part of Roquette-Riddhi Siddhi, the company formed after the former acquired the majority share in the latter, on May 31, 2012. This acquisition will bolster Roquette Group's global position in the nutrition and health and plant-based chemistry fields.
Roquette's representative office in India, Roquette India Pvt. Ltd, was established in Mumbai in June 2007 and enriched by a food applications laboratory in 2010. The new company will be headquartered in Ahmedabad, Gujarat. M Ganpatraj Chowdhary, MD, founder and former CEO, Riddhi Siddhi Gluco Biols Ltd, will continue to be at the helm of affairs.
Guy Talbourdet, CEO, Roquette Group, commented, “We are very excited to bring the new Indian team on board and look forward to its quick integration into Roquette Group.”
He explained, “India will be the world's most populated country by 2030. India is experiencing a significant growth (15 to 20 per cent per annum) in the nutrition and health sector, a strategic segment for Roquette, representing two-third of its sales. With this acquisition, Roquette becomes the first international player in India in the starch industry and aims at supporting the growth of this market with an ambitious investment plan.”
Roquette took a 14.9 per cent shareholding in Riddhi Siddhi Gluco Biols Ltd in 2006 and established a strategic alliance with the latter. The company achieved a turnover of $200 million in 2011, holding 25 per cent market share in India and employing over 1,000 people.
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