Leila Lands to up stake in Britannia Industries
April 07, 2009
by Eric Schroeder
SINGAPORE — Leila Lands Ltd. (Mauritius), a subsidiary of the Wadia Group, has agreed to acquire Groupe Danone S.A.’s 25.48% stake in Britannia Industries Ltd., according to an April 6 filing with the Bombay Stock Exchange.
According to the filing, the acquisition of the 6.086 million equity shares would push Leila Lands’ stake in Britannia to 50.96% from 25.48%. The acquisition is set to take effect April 14.
Based in Kolkata, India, Britannia Industries is known for its Britannia and Tiger brands of biscuit, which are highly recognized throughout India. Britannia is India’s largest biscuit company, with an estimated 38% market share.
The company’s principal activity is the manufacture and sale of biscuits, bread, rusk, cakes and dairy products.