Indian seafood processor Avanti Feeds is to sell a 40% stake in its frozen foods unit to Thai Union Group.

According to a bourse announcement yesterday (16 March) Avanti said its board of directors had approved a joint venture between Thai Union Group and Avanti Frozen Foods, a wholly owned subsidiary of Avanti Feeds that processes and exports shrimp products.

Avanti Feeds said the deal would “develop the shrimp processing and export business operated by Avanti Frozen Foods”.

It has agreed to sell 4m shares shares at INR313 per share, resulting in a deal worth INR1.25bn (US$18.7m).

Avanti Feeds, headquartered in Gujarat, manufactures prawn and fish feeds. Thai Union separately owns a 25% stake in this business. 

At the end of last month, Thai Union reported “record” sales and profits for the year. Thai Union owns brands including John West and Petit Navire. 

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Last year, Thai Union called off a deal to buy US business Bumble Bee Foods, believing it was unlikely to get regulatory clearance for the acquisition.