Amul: the future is in Proteins and the Cooperative, not in the stock exchange

Jayen Mehta – Managing director of Gujarat Cooperative Milk Marketing Federation (Amul), India

By: The CLAL Team and Leo Bertozzi

“Value, not volume, will drive our export growth,” said Jayen Mehta, General Manager of Indian GCMMF Ltd., explaining his strategy to expand Amul’s exports even in the face of rising U.S. tariffs.

Back in 2018, at the CLAL Dairy Forum, Mehta stated that Amul was launching at least two new products every month, and that the Cooperative’s goal was to reach third or fourth place among the world’s leading dairy companies in terms of market share. At that Forum, he directly compared Amul’s strategy with those of Lactalis and Fonterra, firmly presenting the operational choices that would allow Amul to expand in the global market.

In the meantime, Amul has been ranked as both the strongest food brand and the strongest dairy brand in the world, according to the Food & Drink 2024 report, and today the company is unshaken by the additional tariffs imposed by the United States.

“Protein is a global currency,” Mehta reminded the audience at BT India@100, “we are looking at exporting such value-oriented protein products.” These are designed to withstand price pressures linked to customs duties while at the same time meeting the growing global demand—particularly from the Indian diaspora in the United States, who, according to Mehta, will continue to seek traditional Indian products such as Ghee despite the tariff-driven price increases.

Mehta also made it clear that Amul intends to remain true to its cooperative ethics and therefore has no intention of being listed on the stock exchange.