INDIA: Heritage Foods given purchase approval

By | 24 April 2006

Heritage Foods India has said that the Honourable High Court of Karnataka has approved its purchase of the Hyderabad unit of Indiana Dairy Specialities. The Hyderabad unit consists of 13,000 square yards of land, buildings, factory and machinery.

Heritage was the highest bidder for the unit, which had gone into liquidation.

Heritage said that it intends to revive the dairy unit with an installed capacity of one lakh litres per day. It also intends to use the vacant land for warehouse facilities and retailing businesses.

Shares of Heritage Foods India went up by 2.71% to INR182 (US$4.05) on the Bombay Stock Exchange (BSE). About 27,149 Heritage shares have changed hands on the BSE today.

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