PTT and NRF Join Hands to Establish a JV with Aim to Operate Alternative Protein Business

PTT Public Company Limited (PTT) announced that PTT’s Board of Directors at the meeting on 20 May 2021 has passed the resolution to approve Innobic (Asia) Company Limited (Innobic) (PTT’s 100% owned subsidiary) to establish a new joint venture company with Nove Foods Company Limited (a subsidiary of NR Instant Produce Public Company Limited: NRF) with the registered capital not in excess of Baht 300 million. Innobic and Nove Foods Company Limited will equally hold 50% stakes in this joint venture company. 

 

The investment objective aims to operate alternative proteins business that the initial phase will cover the entire supply chain of Plant-based Proteins from the development, manufacture, and distribution. The manufacturing plant using state-of-the-art imported technology will be based in Thailand with a production capacity of 3,000 tons per year and will serve as a production base and a distribution hub for ASEAN market.

 

This Plant-based protein business can be considered complementary to the “Food for Future” business which is currently in trend and in high demand and that it is in line with PTT’s new business strategy (New S-Curve business) in Life Science. The company is expected to complete its registration by the third quarter of 2021 and start its commercial operation within the fourth quarter of 2022.