Britannia Industries inks pact with Mauritius-based firm to acquire stake
The 117-year-old biscuit major Britannia Industries has entered into an agreement with Fonterra Brands (Mauritius Holding) Ltd, Mauritius, for acquiring the latter's 49% Equity and Preference shareholding in Britannia New Zealand Foods Pvt. Ltd (BNZF), their joint venture company engaged in Dairy business.
With this acquisition, Britannia along with its wholly owned subsidiary will hold the entire equity and preference capital of BNZF. The acquisition is subject to Reserve Bank of India approval.
However, Fonterra said that it would continue to supply dairy ingredients to key customers in the Indian market and would keep an active interest in any future opportunities.
Shares of the company gained Rs 21.60, or 1.40%, to trade at Rs 1,565. The total volume of shares traded was 10,944 at the BSE (1.05 p. m., Tuesday).