Future Consumer has decided to terminate a joint venture pact with New Zealand's dairy firm Fonterra. The company's board at a meeting considered and approved the termination of joint venture arrangement with Fonterra (Europe) Cooperative.
The board has also approved the discontinuance of the business operations of the joint venture company -- Fonterra Future Dairy, subject to compliance with the applicable laws and obtaining of necessary consents and approvals as may be required. The companies had inked the joint venture agreement on August 8, 2018.
Upon the termination of the joint venture agreement, the JV firm will undertake the process of winding up the operations, subject to obtaining of necessary consent and approvals that may be required from statutory/ regulatory authorities.
Future Consumer is engaged in branding, marketing, sourcing, manufacturing, and distribution of a wide portfolio of established food, home/personal care brands.
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