Business

Britannia's JV with Fonterra group

MUMBAI MARCH 26. Britannia Industries has entered into a joint venture with the Fonterra co-operative group, New Zealand.

The new JV would be known as Britannia New Zealand Foods Private Ltd and both companies would hold 49 per cent stake each while a strategic partner is to hold the remaining two per cent, Britannia said in a statement here today.

Britannia would transfer its existing dairy business to the new JV, which comes into effect from tomorrow.

This would be engaged in areas relating to sourcing, manufacturing and distribution of milk and milk products in India.

Britannia chairman, Nusli Wadia, said in a statement that the new company would have full access to Fonterra's research and development strengths to help further upgrade product quality and reduce product costs.

The combined strengths of the two would constitute a formidable force in meeting consumer needs and developing presence in the dairy segment, he added.

The Britannia dairy division has several milk and milk products.

The Fonterra group, with revenues of $3.5 billion, is among the ten biggest dairy companies. It currently operates in 120 countries.

— PTI

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