By PHILIPPA STEVENSON
In the latest of a string of joint-venture proposals, Fonterra consumer products division New Zealand Milk plans to enter the Indian dairy market with Britannia Industries, owner of a strong India food brand.
The deal with Bangalore-based Britannia is subject to regulatory approval.
The company's annual turnover of $600 million comes mainly from the bakery business, which has a good national distribution network.
Fonterra said Britannia had expanded into the dairy sector and had identified New Zealand Milk as having the expertise and international marketing experience needed to rapidly boost its dairy business.