Wilmar forms agri-food JV with TGI Group

Wilmar International has formed an arsenic divided associated task with Tropical General Investments Group to harvester their operations successful Nigeria and the Republic of Benin.

In a connection yesterday (2 June), the Singapore-based agri-food radical said the partners person signed definitive agreements to spot a “portfolio of complementary operating businesses and brands” into a caller jointly owned holding company.

The JV, to beryllium headquartered successful Singapore, volition see assets spanning agriculture, oil-palm plantations and nuts, arsenic good arsenic rice, culinary products, nutrient manufacturing and distribution.

Brands successful the combined portfolio see Mamador and Devon King’s successful edible oils and user nutrient products, and besides successful oils Golden Terra, a spokesperson for Wilmar confirmed with Just Food.

Terra and Tastemaker autumn into the culinary category, joined by Big Bull successful atom and Peppe Terra cooking pastes.

In the statement, Kuok Khoon Hong, Wilmar president and CEO, said Nigeria and the Republic of Benin are “key user markets successful Africa” and the JV is “uniquely positioned” to cater to a marketplace with an addressable worth of much than $12bn.

While the superior absorption volition beryllium Nigeria and the bordering Republic of Benin, the “business volition besides research opportunities to service selected determination export markets wherever appropriate”, the spokesperson told Just Food, declining to disclose the combined revenues of the venture.

The concern besides includes margarine, spreads and seasonings, the spokesperson said.

Wilmar’s Africa caput Santosh Pillai described the tie-up arsenic a “compelling strategical fit” for the group.

Wilmar said it volition lend its upstream palm-oil, speciality fats and food-staples operations to the venture, portion TGI Group volition bring its manufacturing footprint, section brands and organisation web successful West Africa.

“The upstream agriculture activities are oil-palm plantations and thenar lipid milling activities successful the Cross Rivers State of Nigeria,” the spokesperson said.

“The manufacturing footprint crossed respective locations covers a scope of nutrient and user products including edible oils, margarine and spreads, rice, seasonings cubes, cooking and culinary paste and different packaged nutrient products. These are supported by extended route-to-market capabilities crossed Nigeria.”

Completion of the transaction is taxable to customary conditions and is expected to adjacent earlier the extremity of 2026.

Cornelis Vink, the laminitis and president of Nigeria-headquartered TGI, said: “For much than 4 decades, TGI Group has built a starring presumption successful Nigerian nutrient manufacturing and distribution.