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
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