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Godrej Agrovet Limited has entered into a joint venture with Advanced Chemical Industries Limited, Bangladesh, to set up animal feed and poultry businesses in Bangladesh.
An agreement to this effect was signed between Nadir B Godrej, chairman of GAVL and Anis Ud Dowla, chairman of ACI on June 20, 2004. GAVL and ACI will have equal stakes in the joint venture.
The joint venture company has been named ACI Godrej Agrovet Private Limited. It will set up feed mills, poultry breeding, hatchery and poultry rearing operations in Bangladesh.
Announcing the joint venture, C K Vaidya, managing director, Godrej Agrovet Limited, said, "We are happy to enter into this joint venture with ACI, Bangladesh, especially since it is a highly reputed company having diverse businesses that will help leverage this joint venture. Also we already have an existing relationship with ACI for the distribution of Godrej Sara Lee products."
ACI is a reputed company and has a presence in various sectors such as pharmaceuticals, agro-chemicals, FMCG and household insecticides. ACI is listed on the Dhaka and Chittagong Stock Exchanges and has joint ventures with several Indian and global companies. ACI also distributes Household Insecticides marketed by Godrej Sara Lee Bangladesh Limited.
The joint venture company is expected to commence operations early next year and help further improve competitiveness of Godrej Agrovet Limited.