Kraft Heinz Completes Sale Of Indian Brands To Zydus Wellness
Kraft Heinz has announced that it has completed the sale of its Indian brands - Complan, Glucon-D, Nycil, and Sampriti - to Zydus Wellness Limited and its affiliate.
'Global Growth Strategy'
Chief executive of Kraft Heinz, Bernardo Hees, said, “The sale of this niche business fits into our overall global growth strategy and our focus on investing in and growing brands within our core categories, and where we see a clear path to sustainable competitive advantage.”
As part of the deal, Zydus Wellness Limited and an affiliate have acquired 100% of the food and beverage giant's equity shares in Heinz India Private Limited.
It comprises Complan, Glucon-D, Nycil and Sampriti brands, and two manufacturing facilities, which together employ around 760 people.
In October of last year, Kraft Heinz announced plans to sell part of its Indian business for 45.95 billion rupees (approximately €550 million).
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine