India: Heritage Foods to acquire Reliance Retail’s dairy business
Heritage Foods, an Indian manufacturer of dairy, bakery and other food products, has announced the acquisition of the dairy business of Reliance Retail through a slump sale, according to a report in India Retailing.
According to the report, Heritage Foods has made a binding agreement for the acquisition and the transaction will now be subject to the necessary regulatory approvals.
Both companies are said to have expressed their belief in the synergy between Reliance Retail’s dairy business and Heritage Foods and the potential to strengthen the firms’ presence in existing markets such as Punjab, Mumbai, Delhi-NCR, as well as new markets.
"Post the transaction, RRL will continue to trade in dairy products, including Heritage dairy products through its retail and wholesale channels", the company said.
Reliance Retail’s dairy business includes brands such as Dairy Life and Dairy Pure, and a portfolio of products that includes milk, flavoured milk, ghee, butter, curd, dairy whitener, sweets and skimmed milk powder.
Source: India Retailing