Godrej gets nod to offload stake in JV with Pillsbury

New Delhi, Oct 8: The Godrej group has finally received government permission to offload about 49 per cent stake in joint venture company Godrej Pillsbury Ltd in favour of the Dutch partner Selviac Nederland BV for Rs 22 crore.

According to official sources, the Foreign Investment Promotion Board (FIPB) has given permission to Godrej to exit the JV. The Dutch company has consequently increased its stake to 100 per cent from 56.45 per cent in what was till now called Godrej Pillsbury Ltd.

While Godrej were not immediately available for comments, industry sources indicated that of the 49 per cent equity held by the Godrej Group, 20 per cent was held by Godrej Soaps (now called Godrej Industries Ltd). The stake dilution by Godrej follows Godrej Foods calling off its distribution arrangement with Pillsbury about an year ago, sources said.

— PTI