Hershey has refused to be drawn on the move from Godrej Industries, its partner in India, to formally announce a review of the two companies’ venture in the country.

Godrej Industries has admitted it could sell its stake in Godrej Hershey, a business it described as “potentially sick”.

The Indian conglomerate said its board had given the all-clear to look at what to do with the venture, which was formed five years ago.

Speaking to just-food yesterday (13 August), a Hershey spokesperson said the US confectioner had “no announcements regarding our business in India”.

However, the spokesperson added: “India remains a focus market for The Hershey Company.”

On Saturday, Godrej said its board had “granted approval to explore various possibilities” for the venture. These included, it said, selling some or all of its shares in Godrej Hershey. However, Godrej is also mulling referring the venture to India’s Board for Industrial and Financial Reconstruction, which can assist in helping ailing businesses or can recommend they close.

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The Godrej Hershey venture has been the subject of speculation in India in recent months. Reports in India have claimed Hershey is looking to sell its 51% stake in the business. A report in June said Hershey wanted to operate independently in India.