KARACHI: ICI Pakistan Limited, the conglomerate in business of polyester, soda ash, chemicals and life sciences, proposes to set up a Morinaga infant formula manufacturing facility in Karachi at a cost of Rs4.8 billion.

The project would be launched as a joint venture with Morinaga Milk Industry Company Limited of Japan and Uribands Private Limited. The controlling stake of 51 per cent in the proposed company would be held by ICI Pakistan, while the rest of the equity interest (49pc) would be jointlyheld by Morinaga Milk Industry Company Limited and Unibrands Private Limited.

The project is expected to come on line in 2018.

`This partnership will include the distribution, marketing and sales of the locally manufactured infant formula,` the company said in a statutory filing with the KSE.

Since 2014, NutriCo Pakistan Private Limited (a joint venture between ICI Pakistan Limited, Morinaga Milk Industry Company Limited and Unibrands Private Limited) has imported, marketed and distributed Morinaga Milk IndustryCompany Limited products in Pakistan. The total investment of ICI Pakistan Limited in NutriCo Pakistan Private Limited currently stands at 40pc, ICI said in a statement released on Tuesday.

Asif Jooma, Chief Executive, ICI Pakistan Limited stated: `This new venture is in perfect alignment with our strategy, and the Company`s brand promise, Cultivating Growth. In collaboration with our partners at Morinaga Milk Industry Company Limited and Unibrands Private Limited, I look forward to providing quality nutrition to children across Pakistan through this new initiative.