Britannia buys out partner in New Zealand dairy unit

By IANS,

Mumbai : Biscuit major Britannia has bought out its partner Fonterra’s 49 percent stake in their joint venture in New Zealand, Britannia New Zealand Foods, the company said in a regulatory statement Tuesday.

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Britannia had set up a dairy business with Fonterra Cooperative Group, one of New Zealand’s largest dairy companies, in 2002.

With the acquisition, the Indian firm gains complete control of Britannia New Zealand Foods.

The size of the deal was, however, not disclosed.