CCI nod to Heritage Foods s acquisition of Reliance Retail s dairy business

New Delhi April 10 (IANS) The Competition Commission of India (CCI) on Monday said that it has approved the acquisition of Reliance Retail s dairy business by Heritage Foods owned by Andhra Chief Minister N. Chandrababu Naidu.

In a tweet the CCI said: CCI_India approves acquisition of dairy business of Reliance Retail by Heritage Foods.

Last year Heritage Foods executed a binding agreement to acquire the dairy business of Reliance Retail through slump sale.

The dairy business of Reliance Retail operates pan-India dairy procurement processing and distribution platform under two brands -- Dairy Life and Dairy Pure .

The Heritage Group founded by Naidu in 1992 has six business divisions -- dairy retail agri bakery renewable energy and vetCa - under its flagship company Heritage Foods.

The annual turnover of Heritage Foods crossed Rs 2 380.58 crore in 2015-16.

--IANS
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