Britannia Industries enters into JV agreement with Bel France

6 Dec 2022 , 01:35 AM

Britannia Industries has entered into a Joint Venture Agreement JVA with Bel SA France Bel and Britannia Dairy BDPL on 29 November 2022 to undertake the development manufacturing marketing distribution trading and selling etc of cheese products in India and certain other countries Territory As a part of the JVA Britannia shall sell and transfer 49Percentage of its equity stake in its wholly owned subsidiary BDPL to Bel in accordance with the terms of the Share Purchase Agreement entered between Britannia and Bel on 29 November 2022 SPA Consequently Bel shall become the legal and beneficial owner of 49Percentage of the entire issued subscribed and paid]up equity share capital of BDPL and the balance 51Percentage shall continue to be held by Britannia BDPL will become a Joint Venture Company of Britannia and Bel in India which will carry outundertake the cheese business in the Territory Further as a part of the JVA BDPL will allot equity shares to Britannia and Bel in accordance with the terms of the Share Subscription Agreement entered between Britannia Bel and BDPL on 29 November 2022 SSA