India: Britannia forms joint venture with Greece’s Chipita

Consumer goods manufacturer Britannia has announced a partnership agreement with Greek company Chipita to produce and market ready-to-eat croissants in India.

According to India Retailing, the new joint venture company, which will have the name Britchip Foods Ltd, will be 60% held by Britannia and 40% held by Chipita.

“The company has signed a joint venture agreement with Chipita SA, a Greek company for the purpose of developing, producing and selling ready-to-eat croissants and any other product as may be agreed between the parties through a joint venture company, Britchip Foods Ltd”, said Britannia.

The first phase of the joint venture represents an estimated investment of 100 crore INR ($15 million).

Source: India Retailing