New Delhi, Oct 6 (PTI) Leading bakery foods company Britannia Industries has acquired a controlling stake in Kenya-based Kenafric Biscuits, a move which will help the company set up a manufacturing base and expand sales in the African markets.
Britannia and Associates (Dubai) Pvt Company Ltd(BADCO), a wholly-owned subsidiary of Britannia has acquired a 51 per cent equity stake in Kenafric Biscuits Ltd (KBL) for a cash consideration of 13.87 crore Kenyan Shillings (Rs 9.2 crore), a regulatory filing by the company said.
“The object of the acquisition is the manufacture and sale of biscuits in Kenya and African markets,” said Britannia Industries, which owns brands such as Good Day, Tiger, NutriChoice, Milk Bikis and Marie Gold.
The acquisition of KBL, the entity which belongs to the biscuits industry, was completed on October 3, 2022, Britannia Industries informed the exchanges earlier this week. “Post the acquisition, KBL has become a step down (51%) subsidiary of Britannia Industries Ltd,” it said.
Balance 49 per cent stake of KBL is held by Kenya-based Kenafric Group, Britannia Industries informed. Besides, it also acquired Catalyst Britania Brands Ltd, an investment company which owns ‘Britania’ trademark in Kenya.
“The object of the acquisition is to acquire the trademark ‘Britania’,” it said. According to the company, trademark “Britania” is not the same as its “Britannia” trademark.
Britannia Industries, which reported a revenue of Rs 13,371.62 crore in FY22 has a presence in more than 60 countries across the globe.
It has a presence in the Middle East through local manufacturing in the UAE and Oman. It is also in the process of investing in a manufacturing facility in Nepal, where it is a market leader. PTI