French dairy major Groupe Danone has offered to pay the Wadia Group ¤1 million ($1.34 million) as compensation to use its Tiger brand in international markets.According to a report in the Financial Times, Danone has also asked for a five-year exclusive licensing agreement in countries like Singapore, Malaysia and Indonesia.
Meanwhile, a television channel reported that the commerce ministry had come around to the view that Groupe Danone had violated Press Note 1 regulations, which make it mandatory for a foreign company to take a no-objection certificate from its Indian partner if it is investing on its own in the same business.
Nusli Wadia and Danone have equal stakes in Britannia. Wadia had objected to Danone’s investment in nutraceutical firm Avesthagen. The Wadia group had moved the Bombay High Court and also lodged a complaint with the Union commerce ministry.
Read more in The Business Standard article.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment