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Britannia, Greek bakery company sign deal, JV on cards

LiveMint logoLiveMint 21-02-2017 PTI

New Delhi: Fast-moving consumer goods (FMCG) major Britannia on Tuesday said it has signed a memorandum of understanding (MoU) with Greece’s cakes and confectionery major Chipita and is in advance stage of discussion to finalise definitive agreements including a joint venture (JV).

“This is to inform you that the company has signed a non-binding Memorandum of Understanding (MoU) with Chipita, a Greek company for exploring certain business opportunities. The company is in advance stage of discussion with Chipita to finalise definitive agreements inter-alia include joint venture agreement,” Britannia Industries said in a BSE filing.

Chipita is present internationally in 4 major product categories—croissants and similar dough products, savoury snacks (bake rolls), cakes and confectionery.

Chipita is already operating in India. The company has been operating outside Greece since 1995 by setting up manufacturing plants in Bulgaria, Portugal and Egypt, followed by Poland, Romania, Russia and Saudi Arabia and more recently India, and Turkey.

Shares of Britannia were trading 0.92% down at Rs3,223.50 apiece on BSE.

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