US confectioner Hershey is reportedly looking to up its stake in Indian venture Godrej Hershey Beverages and Foods.
Reports in the Indian press claim that Hershey wants to take its interest in the business from 51% to 57.8%.
Indian business daily The Economic Times said today (17 August) that Hershey had applied for government clearance to buy more shares from parent company Godrej Industries Ltd. and A. Mahendran, chief executive of Godrej Hershey.
Officials at Godrej could not be reached when just-food went to press, while Hershey failed to return a request for comment.
Hershey secured a majority stake in the venture when it was formed in April. The business, which sells confectionery products, snacks and beverages in India, generates around US$70m in annual sales.