Foods & Inns Ltd has signed a joint venture agreement with D Technology Private Limited and Mr. Shree Krishna M Gupta. The JV will be held in the ratio of 50:1:49 between Foods & Inns Ltd, Mr. Shree Krishna M Gupta and D Technology Pvt. Ltd.
D Technology has developed a proprietary technology which converts fruit waste into Pectin, Oils and Butter. The idea behind the venture is to upscale waste from mango processing to address its disposal, convert it into pectin which has a huge potential in India given that 95% of India's pectin requirements are imported.
The initial supply of waste material to the new company will be at disposal rate incurred by Foods & Inns. Subsequently it will be pegged at market rate of acquisition for similar waste.
Shares of FOODS & INNS LTD. was last trading in BSE at Rs.49.95 as compared to the previous close of Rs. 52.5. The total number of shares traded during the day was 19895 in over 297 trades.
The stock hit an intraday high of Rs. 52.45 and intraday low of 49.5. The net turnover during the day was Rs. 1005620.