NEW DELHI: Heritage Foods today said it has completed acquisition of dairy business of Reliance Retail.
"We have received approval from Competition Commission of India and completed the process of acquisition of dairy business of Reliance Retail," Heritage Foods said in a BSE filing. "We are taking control of entire dairy business of Reliance Retail with effect from April 12," the filing said. It further said: "Post the transaction, closure Reliance Retail will continue to trade in dairy products including Heritage dairy products through its retail and wholesale channels."
Earlier this week, the Competition Commission of India had approved the proposed acquisition of Reliance Retail's dairy business by Heritage Foods. Reliance Retail is a subsidiary of Reliance Industries Ltd and its dairy business operates a pan-India dairy procurement, processing and distribution platform under two brands -- Dairy Life and Dairy Pure.
Heritage Foods is a private sector enterprise with several business divisions including dairy, retail, agri, bakery and renewable energy.
In November last year, Kishore Biyani-led Future Group signed a definitive agreement to acquire Heritage Foods Ltd, promoted by family members of Andhra Pradesh Chief Minister N Chandrababu Naidu, in an all stock deal.