Danone’s estranged partner in India has cooled speculation that the French group is set to sell its stake in biscuit venture Britannia Industries.
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The Wadia Group quashed reports in the Indian press that claimed two of its subsidiaries – Kalabakan Investments and Bombay Burmah Trading – are set to buy Danone’s 25.1% stake in Associated Biscuits International Holdings, which controls Britannia.
A spokesperson for the Wadias said the reports were “factually incorrect” but the two sides are in discussions. “We cannot disclose what is being discussed and will inform you as and when there is an outcome,” the spokesperson told just-food.
The Wadias have sued Danone in a Singapore court for allegedly using the intellectual property rights of its Tiger brand last year without consent.
Danone and the Wadias are equal partners in the UK-based Associated Biscuits International Holding, which holds 50.96 per cent stake in Britannia.
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