-
ALSO READ
Is it time to sell dairy stocks?
Dairy firms plagued with margin woes; pick value-added players: Analysts
PM Modi to inaugurate World Dairy Summit on September 12 in Noida
French Open 2022: Five things that made it different from previous editions
Fifa World Cup Day 8 Highlights: Germany draw with Spain, Morocco shock BEL
-
Britannia Industries and Bel SA, a French cheese maker, have announced that they have entered into a joint venture (JV) to develop, manufacture, market, distribute, trade and sell cheese products in India and certain other territories, it said in a stock exchange filing.
Bel shall acquire 49 per cent stake in Britannia’s wholly owned subsidiary BDPL (Britannia Dairy Private Limited) for Rs 262 crore and the entity thereafter shall be renamed as ‘Britannia Bel Foods Private Limited’. The JV has a lock‐in period of 20 years from its effective date for both parties.
The cheese products will be produced in the JV’s new facility at Ranjangaon, Maharashtra.
Abhishek Sinha, chief business officer of the dairy business of Britannia is named as the CEO of the JV.
“The facility is backward-integrated to collect milk from local farmers in the region. The products will be co-branded using the trademarks “Britannia” and “The Laughing Cow” and will be introduced in innovative formats, to ride on the fast-growing cheese category in the country,’ the company said in the release.
Varun Berry, executive vice-chairman and managing director, Britannia Industries said in the release, “Cheese is an under-penetrated category and this partnership will help expand the nascent but fast-growing cheese category by delivering innovative products and being a leader in fulfilling evolving consumer needs. This JV is also key to Britannia’s vision to be a responsible, total foods company.”
Cecile Beliot, chief executive officer, BEL Group added also said in the release, “Perspectives in India are strong and very promising in the nascent cheese segment. We are proud to partner with Britannia. They have an emblematic brand in India and a powerful distribution system. By combining their expertise with our iconic brand The Laughing Cow , and our know-how and knowledge of cheese products, this joint venture is well positioned to offer to all Indian consumers, delicious, nutritious and accessible cheese products, and become a leader in the fast-growing Indian cheese market.”
Turnover of BDPL for FY22 stood at Rs 340 crores; amounting to 2.4 per cent of the consolidated sales of Britannia.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.
Download the Business Standard App for latest Business News and Market News .
First Published: Tue, November 29 2022. 22:14 IST
RECOMMENDED FOR YOU