Image Source: News Nation
July 25, 2018
World’s largest value-added spice producer- Synthite group is a Rs 1600-crore company, that is all set to expand internationally. Synthite will be focusing on its core activity of export of spice oleoresins by starting two more units in the US and Indonesia and discontinue the personal care products it launched a year ago in the domestic market.
Though, recently the company’s management was flustered with strikes and disruption of work for many months over an issue of transfer of some workers at its unit in Kochi for the first time in the history of 46-year-old unit. But the matter has been settled after the intervention of the state government.
Managing director of Synthite, Viju Jacob, stated that their spice processing unit will be located in Chicago with an investment of Rs. 100crore in next fiscal year. The step is taken as the major part of the company’s exports goes to the US.
Opening in US will strengthen Synthite’s presence and have will give easy access to customers there,’’ said Jacob. Also tax rates are low in the US and the local authorities are helpful in setting up the unit. The US unit may deal with most of the spices that the company is involved in processing.
Synthite group with a turnover of Rs. 1200 crore from spice oleoresin exports, will similarly start a unit in Indonesia. Synthite has units overseas in China, Vietnam and Sri Lanka at present besides being present in Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.
The Indonesia unit with a lesser investment of Rs. 50 crore will look at cinnamon and nutmeg oleoresins. Its unit in China caters to the extraction of paprika, a low heat high colour chilli grown in the country, and garlic. Its Vietnam unit can process pepper, turmeric and ginger while the Sri Lankan plant deals mostly with pepper.
Other consumer products of Synthite are premium range of spices and seasonings sprig, curry masala and spice blends Kitchen Treasures and nutraceutical products NatXtra.