NutriCo Morinaga Private Limited, a subsidiary of ICI Pakistan Limited has commenced commercial production in the country.
In a notification to the Pakistan Stock Exchange, the company announced that NutriCo Morinaga, a subsidiary of ICI Pakistan, has commenced commercial production of infant and growth formula products with an investment of Rs. 5.5 billion.
This will lower the price of Morinaga Milk products in Pakistan as the company has begun local production. Morinaga’s local product will be a substitute for the company’s imported infant formula product, which was being imported into Pakistan.
“ICI Pakistan Limited is pleased to announce that effective from January 10, 2020, NutriCo Morinaga has commenced commercial operations of Morinaga infant and growing up formula products at its manufacturing facility in Sheikhupura, Punjab,” read the notification.
It further said that the facility has the capacity to produce 12,000 tonnes of formula products per year.
NutriCo Morinaga, which was inaugurated on September 20, 2019, is a joint venture of ICI Pakistan, Morinaga Milk Japan, and Unibrands Private Limited. The manufacturing facility is the first asset investment by a global Japanese dairy and food company in Pakistan. It is a joint venture between ICI Pakistan Ltd, Unibrands (Private) Ltd and Morinaga Milk Industry Co, Ltd.
A great step indeed. The price hike has made this milk practically unobtainable.