Britannia Industries has entered into a joint venture agreement with French company Bel SA, and Britannia Dairy Private Limited (BDPL) to develop, manufacture, and distribute cheese products in India and other areas, media reports said.
Britannia will sell 49% of its equity in Britannia Dairy to Bel SA for ₹262 crore. “BDPL will become a joint venture company of Britannia and Bel in India, which will carry out/undertake 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,” the company said in its regulatory filing, Livemint reported. Bel will now hold 49% of BDPL. Britannia will hold the remaining 51%.
Varun Berry, executive vice-chairman and MD, of Britannia Industries, said Britannia’s partnership with Bel will enable consumers to enjoy international quality cheese products that will be made in India. “This JV will help the milk farmers of Maharashtra gain consistent and greater market access through our yield-optimized, milk collection initiative that has grown significantly over the last three years.”
Britannia Dairy’s turnover in FY21-22 was at ₹340 crore, which includes a cheese turnover of ₹207 crore. The net worth of BDPL as on 31 March 2022 was ₹130 crore, Livemint said.
