Japanese ingredients company Ajinomoto has signed a joint venture (JV) agreement with Toyo Suisan Kaisha to establish instant noodle operations in Nigeria and India.
The parties intend to set up new companies in both countries.
To be operated as Maruchan Ajinomoto Nigeria, the Nigerian JV will have JPY2bn in capital and will manufacture instant noodles.
Ajinomoto will hold 50% share, West African Seasoning will own 1%, while Toyo Suisan Kaisha will have the remaining 49% stake in the JV.
In India, the parties will operate the JV under Maruchan Ajinomoto India name. Toyo Suisan Kaisha will have 51% stake, while Ajinomoto will own the remaining 49% holding.
The JV in both the countries is expected to commence sales in fiscal 2016.
Ajinomoto engages in the manufacture and sale of seasonings, processed foods, amino acids, pharmaceuticals, specialty chemicals, among others.
Established in 1953, Toyo Suisan Kaisha sells instant noodles, fresh noodles, frozen noodles and processed foods in addition to having presence in seafood and cold-storage business.
