Kishore Biyani-led Future Consumer has forged a joint venture with Tilda Hain India Pvt, part of US' Hain Celestial Group Inc, to manufacture and sell food products in the health and wellness space in India.
"The company has entered into a joint venture agreement... with Tilda Hain India Pvt Ltd, a part of Hain Celestial Group, Inc, New York, USA, for undertaking the business of manufacturing, marketing, trading, selling and distributing various food products in the health and wellness category such as chips, non-dairy beverages, straws and infant/toddler foods, by way of forming a joint venture company," Future Consumer said in a BSE filing.
It further said: "The company and Hain India each shall hold 50 per cent of the paid-up share capital of the JV company. Both shall have the right to nominate three directors each on the board of the JV company."
Future Consumer is the FMCG arm of the Future Group and sells a portfolio of products, including Tasty Treat, Nilgiris, Golden Harvest.
Its stock was trading 3.21 per cent higher at Rs 22.50 on BSE.
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