Mumbai: FMCG firm Nestle on Monday said its
board of directors has approved the proposal to acquire the
nutrition business of Speciality Foods India and the deal
would be effective from January 1, 2010.
"The Board of Directors at its meeting held on December
7, 2009, inter alia, has accepted the proposal of Speciality
Foods India Pvt Ltd for acquisition of its healthcare
Nutrition Business," Nestle India said in a filing to the
Bombay Stock Exchange.
The company did not mention the size of the deal, but
said the price approved by the board is being conveyed to
Speciality Foods.
"Subject to the agreement between the parties on the sale
price and the terms, the sale of nutrition business to Nestle
India is proposed to be effective from January 1, 2010," it
said.
Speciality Foods India is a subsidiary of Nestle S.A. in
India. The healthcare nutrition business of the company, which
sells brands like Resource, Optifast and Spert, had a revenue
of Rs 28.8 crore last fiscal.
"Acquisition of the healthcare nutrition business is
aligned with and will further reinforce the leadership of
Nestle India in nutrition, health and wellness," Nestle said.
PTI
First Published: Monday, December 07, 2009, 21:04