IG International forms a joint venture with Deccan Exotics to expand avocado output through plant nursery investment.
IG International, a leading Indian fresh fruit importer, has formed a 50:50 joint venture with independently owned orchard and research centre Deccan Exotics to accelerate the development of Indian-grown avocados.
According to a media statement from IG International, the joint venture business – IG Deccan – will be situated in the Hyderabad region and will make an initial US$1 million investment to develop a plant nursery for producing avocados, with aspirations to generate 5 million trees over the following five years.
IG Deccan plans to handle a full range of new varieties from international avocado breeding companies and sublicense them to growers in India. The joint venture’s long-term goal is to become the largest avocado nursery in India.
Deccan Exotics, an orchard and research centre in Hyderabad, specialises in dragon fruit growing and has a 30-acre property near the Sangareddy Fruit Research Centre. According to the firm, it has the most dragon fruit types in India (27 variations), including hybrids and seven commercial varieties. Its farmer services include seedling supply, agricultural advice, post-harvest management, and produce buyback.
Tarun Arora, IG International’s head of finance and operations, praised the new programme, saying, “Growth is critical, and knowing when to cascade to the next level is even more crucial in the D2C [direct-to-consumer] sector.”
“Our collaboration with a pioneering firm like Deccan Exotics will enable us establish a flowering biome for avocados specifically for our consumers in India, and it will also offer a potential for India to become the next large avocado [source] market for importers from other countries.”
Srinivas Rao Madhavaram, CEO and Founder of Deccan Exotics, stated that the firm is enthused about the possibility of making avocados a “local commodity” for Indian customers.
“At Deccan Exotics, we are a farmer-spirited firm that strives to raise the greatest fresh fruit.” We are extremely excited to develop a new joint venture with market giants such as IG International to deliver the flavour of home-grown avocados to every plate in India. Their faultless distribution, along with our R&D talents, will yield the best product.”
Although commerce is still in its early stages, India’s avocado imports have shown hopeful indications of growth, with fewer than 500 tonnes imported in 2021.