The Wadia Group today completed buying out of French food giant Danone from their joint venture, Britannnia Industries.
In a filing to the Bombay Stock Exchange, Bombay Burmah Trading Corp (BBTC), a Wadia Group company, said its subsidiary Leila Lands Ltd (LLL) has acquired 100 % stake in Britannia Brand Ltd from Danone Asia.
"This has resulted in LLL’s indirect shareholding in Britannia Industries increasing from 24.48 % to 50.96 %," it said.
The company, however, did not disclose financial details of the transaction.BIL thus now becomes an indirect arm of BBTC, it added.
The company, however, did not disclose financial details of the transaction.BIL thus now becomes an indirect arm of BBTC, it added.
This follows an agreement between Groupe Danone and the Wadia Group on Tuesday that marked the end of a 13-year-old relationship in Britannia Industries. They have terminated their existing JVs in India and also resolved their dispute over the intellectual property of Tiger brand of biscuits.
As part of the agreement, Danone sold its 50 % interest in ABI Holdings Ltd (held through Britannia Brands Ltd) to Wadia Group. ABI Holdings holds an effective 50.96 % interest in BIL.
Share of Britannia Industries ended the day at Rs 1,520 up 0.6 % from previous day’s close.
Source: Business-Standard Share of Britannia Industries ended the day at Rs 1,520 up 0.6 % from previous day’s close.
