EID Parry's division, Parry Nutraceuticals has forged a partnership with Synthite Industries, to apply proprietary patented technologies for extraction of Phycocyanin, a natural blue pigment found in Spirulina.

Natural Blue is one of the Primary colours, which is difficult to master and has very limited sources that are acceptable by regulatory bodies. Phycocyanin (Extracted from Spirulina) is approved by all major regulatory bodies in USA, EU, Japan and South Korea as food colour. Moreover Phycocyanin offers excellent stability and flexibility for application in a variety of food and beverages.

''With this partnership we are complementing our established expertise in Organic Spirulina cultivation of more than 2 decades with Synthite Industries proven track record of leadership and technical expertise in extraction of natural products. This is a part of our NPD strategy to launch value added products based on Microalgae to secure strong market share in niche segments. We are looking at gaining a market share of 20% over the next two years in this segment,'' said Muthu Murugappan, Business Head of Parry Nutraceuticals.

Shares of the company declined Rs 2.6, or 0.82%, to trade at Rs 315.00. The total volume of shares traded was 19,835 at the BSE (10.21 a.m., Friday).