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( As on 29/11/2022 17:34)

Britannia Industries enters into JV agreement with Bel, France

To transfer 49% stake in Britannia Dairy to Bel to undertake cheese biz in certain territories including India

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 49% 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 49% of the entire issued, subscribed and paid]up equity share capital of BDPL and the balance 51% shall continue to be held by Britannia. 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 (SSA).