Britannia signs MoU with Greek bakery company Chipita; in talks to form joint venture

FMCG major Britannia on Tuesday said it has signed an memorandum of understanding (MoU) with Greece's cakes and confectionery major Chipita and is in advance stage of discussion to finalise definitive agreements including a joint venture.

"This is inform you that the company has signed a non-binding Memorandum of Understanding (MOU) with Chipita, a Greek company for exploring certain business opportunities. The company is in advance stage of discussion with Chipita to finalise definitive agreements inter-alia include joint venture (JV) agreement," Britannia Industries said in a BSE filing.

Chipita is present internationally in four major product categories - croissants and similar dough products, savoury snacks (bake rolls), cakes and confectionery.

ALSO READ: Britannia swats demonetisation woes; net profit up 5% in October-December 

Chipita is already operating in India. The company has been operating outside Greece since 1995 by setting up manufacturing plants in Bulgaria, Portugal and Egypt, followed by Poland, Romania, Russia and Saudi Arabia and more recently India, and Turkey.

See LIVE stock updates of Britannia Industries here-

At 12:36 hours, the stock of Britannia Industries was trading down 0.90% or Rs 29.25 at Rs 3,224.30 on the BSE.