Danone Group wants to invest Rs 350cr over 5 years

The Danone Group has told the Foreign Investment Promotion Board (FIPB) that it proposes to invest Rs 300-350 crore over the next five years. It will invest in medical and nutrition sectors in India directly or indirectly via joint ventures (JVs). The group will further invest in baby food, dairy and beverages, it said. It has received a no objection certificate (NOC) from Britannia as well as from Avasthagen and Yakult joint ventures. The Danone Group currently holds 4.21% indirect stake in Avasthagen and has a 50:50 Indian JV with Yakult, Japan. It has sold its stake in Britannia to the Wadias this month.

Source: Moneycontrol

Britannia Ind to buy Fonterra's stake in NZ JV

Britannia Industries Ltd has informed BSE that the company has entered into an agreement dated April 28, 2009 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. This acquisition is subject to Reserve Bank of India approval. With this acquisition, Britannia along with its wholly owned subsidiary will hold the entire equity and preference capital of BNZF.

Source: Business Line

Britannia Says Danone To Sell 25.48 pct Stake

Indian biscuit maker Britannia Industries Ltd said France's Danone will sell its 25.48 percent indirect stake in the company to Leila Lands Ltd (Mauritius). The proposed deal was expected to go through on April 14 and price to be finalised later would not exceed 25 percent of price worked under India's takeover regulations, it said in a filing to the stock exchange.