Mumbai / IN. (div) French Groupe Danone SA will exit Britannia Industries Ltd. of Wadia Group by selling its entire stake to the Mauritius-based investment firm Leila Lands Ltd., which holds 25 percent stake in India’s leading biscuit maker firm. In a regulatory filing to the Bombay Stock Exchange Leila Lands said it would buy 25,48 percent of the stake (6,09 million shares) in Britannia, held by Danone´s UK-based Associated Biscuits International (ABI) Ltd., April 14. «Post-acquisition, our stake in Britannia will double to 50,96 percent from 25,48 percent», Leila Lands said in the filing. Leila Lands is a subsidiary of Bombay Burmah Trading Corporation (BBTC), a group company of the Mumbai-based Wadias. The 41,76-billion-Rupees (INR) Wadia group and Danone hold equal stakes in ABI Holdings. «The inter-se transfer price, however, will not exceed by 25 percent of the price determined in terms of applicable regulations», the investment said to BSE. The deal will settle a two-year dispute over the control of the company and snap a 15-year association between the two dairy and beverage partners. It will also end their long-drawn battle over the intellectual property rights (IPR) of Britannia´s flagship biscuit brand «Tiger». Britannia posted a sales turnover of 25,84 billion INR (2’584 INR crore) in fiscal 2008.
1’000’000,000 Indian Rupees (INR) = 14’921,253 Euro (EUR)
1’000’000,000 Euro (EUR) = 67’018’501,282 Indian Rupees (INR)
1 Indian Rupee (INR) = 0,01492 Euro (EUR)
About: A crore is a unit in the Indian numbering system and was formerly a unit in the Persian numbering system, still widely used in Bangladesh, India, Maldives, Nepal, Pakistan, and Sri Lanka. An Indian crore is equal to 100 lakh or ten million.
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