KARACHI – A new, state-of-the-art manufacturing plant of NutriCo Morinaga (Private) Limited, a joint venture between ICI Pakistan Ltd, Unibrands (Private) Ltd and Morinaga Milk Industry Co., Ltd, was inaugurated on September 20, 2019 in Sheikhupura by The Governor of Punjab Chaudhry Mohammad Sarwar.
Punjab Governor Chaudhry Mohammad Sarwar inaugurates NutriCo Morinaga plant at Sheikhupura.
At a project cost of PKR 5.1 billion, the manufacturing facility is the first asset investment by a global Japanese dairy and food company in Pakistan and will unfold a new chapter in the country’s industrial history. The joint venture includes the distribution, marketing and sales of the locally manufactured Morinaga infant/growing up formulae.
The 12,000 tonnes per annum facility, which adheres to international standards, is aimed at ensuring that children are provided with safe, clean and hygienic formula at competitive prices. This is in line with the Government of Pakistan’s vision of achieving import substitution and self-reliance, whilst addressing child nourishment and development. In addition to creating jobs, this joint venture is focussed on technology transfer of infant nutrition manufacturing in Pakistan.
ICI Pakistan Limited’s equity stake in the joint venture is 51%. The combined equity stake of Morinaga Milk Industry Co. Ltd and Unibrands (Private) Ltd is 49%.
Founded in 1917, and with a presence in Pakistan for more than 40 years, Morinaga is a household name trusted by consumers worldwide. It enjoys a reputation for excellence, with a clear emphasis on food safety, reliability and delivering value to consumers through beneficial products.
Through this new initiative, Nutrico Morinaga’s shareholders look forward to providing quality nutrition to children across Pakistan, as stated by Asif Jooma, Chief Executive of Nutrico Morinaga Private Limited, at the inauguration ceremony. “The Company envisages a stronger Pakistan by attracting foreign investment in its businesses and promoting access to high quality infant formula products,” he said.
The President of Morinaga Milk Industry Mr. Michio Miyahara, along with a Japanese delegation, also attended the inauguration ceremony. He stated that the new joint venture will play a key role in the Morinaga Group’s strategy of strengthening its global operations to achieve sustained future growth.
Addressing the inauguration ceremony, the Governor of Punjab said that, “the Punjab government wholeheartedly welcomes the setting up of this production facility in Sheikhupura. Through this new facility, the country will also benefit from technology transfer and creation of direct and indirect employment opportunities in the Sheikhupura town and overall Punjab as well.” He further added that the facility will greatly contribute to Pakistan’s economic and social development as well.
