The popular US chocolate maker Hershey Co. plans to increase its stake in its India unit Godrej Hershey Beverages and Foods from 51% to 57.8%.According to A Mahendran, chief executive, the company will be buying more shares from its parent company.
In April this year, Hershey had bought a 51% stake in Godrej Beverages & Foods. This was to the tune of $55 million (Rs 22crore) out of which the chocolate maker plans to undertake the construction of a building in north India. The plan is to make hard candy which they feel the Indian market is likely to lap up. The company also has plans of creating a manufacturing facility in India to service their needs over a long term period.
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