Nestle "has no plans" to increase stake in Indian unit

Nestle "has no plans" to increase stake in Indian unit

Nestle has denied reports it is planning to raise its stake in its Indian arm.

The world's largest food manufacturer holds a 63% stake in Nestle India. According to a report from CNBC-TV18, which cited unnamed sources, the Swiss food group is preparing to invest as much as US$1bn to increase its ownership of the subsidiary.

However, a spokesperson for the company denied the rumours. "We currently have no plans to increase our stake in Nestle India," the spokesperson told just-food.

Nestle has also been linked to further potential investment in the country, with local reports suggesting it is eyeing the takeover of Indian FMCG major Ruchi Soya.

Ruchi manufactures processed soya foods and edible oils. According to the company, it is among the 50 fastest-growing FMCG businesses globally.

Nestle and Ruchi both declined to comment on the speculation.