Social News XYZ     

CCI nod to Heritage Foods’s acquisition of Reliance Retail’s dairy business

Posted By: Doraiah Vundavally April 10, 2017

CCI nod to Heritage Foods's acquisition of Reliance Retail's dairy businessNew Delhi, April 10 (IANS) The Competition Commission of India (CCI) on Monday said that it has approved the acquisition of Reliance Retail's dairy business by Heritage Foods, owned by Andhra Chief Minister N. Chandrababu Naidu.

In a tweet, the CCI said: "CCI_India approves acquisition of dairy business of Reliance Retail by Heritage Foods."

Last year, Heritage Foods executed a binding agreement to acquire the dairy business of Reliance Retail through slump sale.

 

The dairy business of Reliance Retail operates pan-India dairy procurement, processing and distribution platform under two brands -- 'Dairy Life' and 'Dairy Pure'.

The Heritage Group, founded by Naidu in 1992, has six business divisions -- dairy, retail, agri, bakery, renewable energy and vetCa - under its flagship company Heritage Foods.

The annual turnover of Heritage Foods crossed Rs 2,380.58 crore in 2015-16.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)

Facebook Comments
CCI nod to Heritage Foods's acquisition of Reliance Retail's dairy business

About VDC

Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.