Britannia Industries has set up a new joint venture in India with Greek manufacturer Chipita.
The JV, to be called Britchip Foods Ltd, will initially produce and sell ready-to-eat croissants in the country, with options to expand the offer. Britannia will hold a 60% share of the JV, which will receive an investment of Rs.1bn in the first phase.
The board will have a minimum of five and maximum of ten members, and Britannia has the right of first refusal in case Chipita plans to sell its stake after the expiry of a 10-year lock-in period.
Source: KamCity
The company expects to eliminate 1.2 billion tons carbon dioxide equivalent of methane emissions by the end of the decade. The company says that it already reduced its methane emissions by around 14% between 2018 and 2020.
The “first-of-its-kind” pilot project will develop and demonstrate an affordable modular bioprocessing system to produce biodegradable bioplastics from food waste diverted from landfills. The three-year grant will test the scalability and feasibility of the conversion on a national and global scale.
Arkeon is allying with specialty mineral giant ICL to support the scaling of its fermentation bioprocess that converts CO2 into the 20 proteinogenic essential amino acids needed in human nutrition. The process, hailed as carbon negative, is based on the use of archaea, a group of microorganisms that naturally feeds off the greenhouse gas.
