Chocolate and confectionery maker, The Hershey Company is finally set to enter the Indian market by acquiring the stakes in Mumbai-based Godrej Beverages and Foods (GBFL).
Godrej executives declined to comment on the matter, sources in the know said the deal between Hersheys and GBFL had been signed a while ago. Hersheys has acquired 51 per cent stakes in GBFL, acquiring 40 per cent stakes by IL&FS. The remaining stakes is expected to be acquired from Godrej Industries and A Mahendran, managing director, GBFL who also holds stake in the company. Post acquisition, Mahendran and Godrej Industries’ stake in GBFL will together come down to 49 per cent.
Read more in The Business Standard article.
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