Nestle to buy 26% stake in Indocon Agro & Allied Activities
New Delhi: FMCG major Nestle India on Monday said the company has inked a pact to acquire a 26 percent stake in Indocon Agro and Allied Activities Private Ltd.
In a BSE filing, the company said it "has entered into agreement for acquiring 26 percent minority stake in Indocon Agro and Allied Activities Pvt Ltd, engaged in milk collection business in Western India".
"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 on Monday closed at Rs 4,749 on the BSE, up 0.63 percent from their previous close.