Nestle India to buy 26% stake in Indocon Agro & Allied Activities, shares up
In a BSE filing, the company said it "has entered into agreement for acquiring 26 per cent minority stake in Indocon Agro and Allied Activities Pvt Ltd, engaged in milk collection business in Western India".
The company, however, did not disclose the financial details of the deal.
"This business investment will contribute to creating shared value with farmers engaged in milk," it added.
The acquisition is subject to the parties fulfilling their respective obligations, the statement said.
Apart from milk and yogurt, Nestle sells popular products like Maggi noodles, Nescafe and KitKat chocolates in India.
The company has 7,000 employees in India and its products are sold in 40 lakh outlets across the country.
Shares of Nestle India today closed at Rs 4,749 on the BSE, up 0.63 per cent from their previous close.
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