Givaudan, the global leader in fragrance creation, announced it has signed a joint venture agreement with Privi Speciality Chemicals Limited (PSCL), India, to strengthen production capabilities for its global speciality fragrance ingredients.
Through the agreement, a new greenfield production plant will be built in Mahad, a city located south of Mumbai, to manufacture small-volume fragrance ingredients of medium to high complexity, also known as speciality ingredients, the statement said.
The Joint Venture has been approved by the Board of Directors PSCL in a meeting held on 29th July 2021. Privi will hold 51% of the equity capital of the Joint Venture Company.
Privi is lndia’s leading manufacturer and exporter of Aroma Chemicals. ln the segment of aroma chemicals based on Pinene chemistry, Privi has amongst the largest manufacturing capacities globally.
Maurizio Volpi, President of Givaudan Fragrance & Beauty, said, “This joint venture supports our global strategy to further strengthen our manufacturing footprint by also being present in India. Privi is not only perfectly positioned to support the region, but also highly skilled in managing the complexity of producing fragrance ingredients of different ranges of volumes. This agreement will enable us to evolve our dynamic portfolio of small signature products that enhance the perfumer’s palette and give their creations a competitive edge in the market.”
The joint venture with Privi supports the Company’s ambition to enhance fragrance capabilities in high-growth markets and its commitment to advance manufacturing capabilities as a core part of its long-term strategic vision. Givaudan continues to expand its global production footprint, joining key regions with manufacturing facilities in Europe, America and in Asia, where we are present in China and now in India, the company said in its statement.
Mahesh Babani CMD Privi Speciality Chemicals Ltd. said: “We are excited with this opportunity to be partnering with Givaudan to support and expand their production of speciality fragrance ingredients.We look forward to showcase our knowhow and manufacturing expertise as a trusted partner through this strategic joint venture.”
Givaudan will transfer a number of small-volume products from its production facility in Vernier, Switzerland to the newly formed joint venture over the next five years. This will allow the site in Switzerland to focus resources on key strategic ingredients, the company added.
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