US confectioner The Hershey Company is rumoured to be purchasing a 51% stake in India’s Godrej Beverages & Foods for INR2.38bn (US$54m).
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According to India’s Economic Times publication, Hershey’s stake would be mostly acquired from a 40% holding currently in the hands of investment firm IL&FS.
Post acquisition, parent Godrej Industries would hold 43% of the food and drinks group, while 6% would be held by a senior executive with the Godrej group, the newspaper added.
The newspaper quoted a “source close to the transaction”. However, Godrej Industries was yet to make an announcement regarding the matter on the Bombay Stock Exchange this afternoon (28 February), and Hershey was unavailable to comment.
Godrej Beverages and Foods manufactures tea, edible oils, beverages, packaged foods and confectionery.
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By GlobalDataHershey’s last month formed a joint venture with Korea’s leading confectionery and ice cream maker Lotte Confectionery to manufacture Lotte and Hershey products for the Chinese market.
