Britannia Industries has entered into a Joint Venture with Bel SA of France and Britannia Dairy Private Limited (BDPL) to undertake the development, manufacturing, marketing, distribution, trading and selling of cheese products in India and certain "other countries".
As a part of the agreement, Britannia shall sell and transfer 49 per cent of its equity stake in its wholly owned subsidiary Britannia Dairy to Bel in accordance with the terms of the Share Purchase Agreement entered between the two companies.
The deal with a consideration worth Rs 262 crore is expected to be closed on December 2, 2022.
Consequently, Bel shall become the legal and beneficial owner of 49 per cent of the entire issued, subscribed and paid-up equity share capital of Britannia Dairy and the balance 51 per cent shall continue to be held by Britannia, the company said in a regulatory filing to the exchanges on Tuesday.
Turnover of Britannia Diary for the financial year 2021-22 is Rs 340 crore, amounting to 2.4 per cent of the consolidated sales of Britannia. This includes a cheese turnover of Rs 207 crore.
( With inputs from ANI )
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