ICI to set up a joint venture with Morinaga

KARACHI: ICI Pakistan Limited has decided to partner with Morinaga Milk Industry Company Limited of Japan, and Unibrands Private Limited, to set up a facility in Pakistan to manufacture Morinaga infant formula products subject to regulatory approval. This partnership will include the distribution, marketing and sales of the locally manufactured infant formula. The new, state-of-theart manufacturing facility is set to be the first ever Morinaga manufacturing facility established in Pakistan. This development underscores the trust that ICI Pakistan Limited enjoys, nationally and with international partners, as a result of the Company’s high operating standards in all areas. ICI Pakistan Limited’s equity stake in the proposed joint venture is intended to be 51 per cent. The combined equity stake of Morinaga Milk Industry Company Limited and Unibrands Private Limited is intended to be 49 per cent. This project will entail an investment of up to PKR 4.8 billion and is expected to come online in 2018.