INDIA: Britannia In JV With Greek Firm Chipita

Britannia Industries has set up a new joint venture in India with Greek manufacturer Chipita.

The JV, to be called Britchip Foods Ltd, will initially produce and sell ready-to-eat croissants in the country, with options to expand the offer.  Britannia will hold a 60% share of the JV, which will receive an investment of Rs.1bn in the first phase.

The board will have a minimum of five and maximum of ten members, and Britannia has the right of first refusal in case Chipita plans to sell its stake after the expiry of a 10-year lock-in period.