The Joint Venture Company will set up a manufacturing facility in Tamil Nadu with an investment of around Rs. 40 crores for the production of Phycocyanin, a natural blue pigment extracted from Spirulina. Phycocyanin is a complex of light-harvesting proteins, extracted from Spirulina which has a characteristic deep blue colour. Phycocyanin offers excellent stability and flexibility for application in a variety of food and beverages and is approved by all major regulatory bodies in USA, EU, Japan and South Korea as food colour.
Aju Jacob, Director, Synthite Industries said, "Our partnership will offer our customers a high quality, sustainable, supply of Phycocyanin blue. Our leading edge technology will allow us to qualify our product as a natural 'Colouring Food' for European markets and as a certified Organic product for the US market. We will also explore emerging opportunities in Algae extracts for the global health and wellness industry."
Speaking about the Joint Venture, Muthu Murugappan, Business Head of Parry Nutraceuticals said, “To start with, we will be focusing on extracting Phycocyanin from Spirulina. In due course, we will be looking at other avenues within the microalgae segment thereby building the business to a company with a diversified value-added Algae portfolio”
About Synthite Industries
Synthite, established in 1972, is a diversified group with revenue touching INR 1800 Crore. The group’s interests span across food ingredients, hospitality, realty, and wind power. Synthite’s food ingredient products include spice oils and oleoresins, natural colours, floral extracts, antioxidants, tea & coffee extracts and nutraceuticals and other plant extracts. It commands over 30% share in the global spice oleoresin market. As a leader in phytoextracts, Synthite’s extraction technology include solvent-based extraction, CO2 extraction, and more recently mechanical extraction using its proprietary Straights™ process. With customers spread across 72 countries, Synthite employs over 1,800 people across the world. Their website iswww.synthite.com
About Parry Nutraceuticals
Parry Nutraceuticals has more than 2 decades of experience in cultivation and processing of microalgae-based nutraceuticals including Organic Spirulina, a recognised dietary supplement with high protein content, Astaxanthin, a powerful antioxidant, Organic Chlorella, which helps in detoxification & healthy ageing, and other Phytochemicals. Parry Nutraceuticals is known for its superior product quality and safety and boasts of an enviable global customer base for its Nutritional Supplements in over 35 countries. Parry Nutra’s US arm, Valensa International based in Florida, is a wholly owned subsidiary of EID Parry which specialises in development of condition-specific nutraceuticals (addressing joint, eye and cardio-vascular health issues), backed by clinical science and IP. In 2014, EID Parry acquired Alimtec SA, based in Chile, for cultivation of Heamatococcus pluvialis for extraction of Astaxanthin, a powerful antioxidant, marketed by Valensa under its trademark Zanthin® Natural Astaxanthin.
Parry Nutraceuticals is a division of EID Parry and a part of the INR 300 billion Murugappa Group.
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