Heritage Foods Ltd has announced it has executed an agreement to acquire the dairy business of Reliance Retail Ltd through slump sale.
The transaction, subject to regulatory conditions, will further consolidate the dairy business of Heritage Foods, a company promoted by the family members of Andhra Pradesh Chief Minister N Chandrababu Naidu.
N Bhuvaneshwari is the Vice-Chairman and Managing Director and N Brahmani, Executive Director of Heritage are wife and daughter in-law of the Chief Minister.
Operational since 2007, the dairy business of Reliance Retail generated a revenue of ₹553 crore during 2015-16.
It currently procures 2.25 lakh litres of milk per day from 2,400 villages across 10 States.
Post the transaction, whose value was not disclosed, Reliance Retail will continue to trade in dairy products including Heritage dairy products through its retail and wholesale channels. The managements of Heritage and Reliance Retail believe that there exist strong synergies between the dairy business of the two having high growth potential in markets such as Hyderabad, Mumbai and Delhi-NCR region.
During September, following some reports about Future Group in talks with Heritage Foods, for its retail business, the latter had informed that they were in talks for a possible business association, but no decision was taken.
Source: India Infoline
In the lead-up to the world-famous Oktoberfest – which celebrates Bavarian tradition, beer and the festival spirit – Munich was already buzzing with activity by the time the doors opened to Drinktec 2022 on 12-16 September. The atmosphere was lively, with approximately 50,000 visitors from 169 countries in attendance.
Unilever has announced CEO Alan Jope’s decision to retire from the company at the end of 2023, after five years at the helm. The announcement comes less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.
Lakeland Dairies has announced that Colin Kelly will assume the role of group CEO following the retirement of Michael Hanley at the end of the year. Kelly will take up the position in January 2023, while Hanley will step down in December this year.