Indian conglomerate Godrej has refused to be drawn on reports that its local venture with US confectioner Hershey has come to an end.

Adi Godrej, chairman of the company’s consumer products division, said the company did not comment on “market speculation” after Indian newspaper The Economic Times claimed the companies had called off the venture.

According to the newspaper, both sides agreed to call off the venture, which was set up in 2007.

Hershey will sell its 51% stake in Godrej Hershey to its Indian partner and set up in the country through a wholly-owned subsidiary, the report said today (6 July). The US company could not be reached for immediate comment.