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PRESS TRUST OF INDIA
New Delhi, August 23: The Rs 800-crore ayurveda and health care major Dabur India has announced its 50:50 equity venture Dabon with French major Bongrain International to manufacture speciality cheese, a senior company official said. The product range will be launched on Monday, according to a company press release. Like two earlier joint ventures in foods and confectionery respectively, Dabur plans to strike Dabon off its balance sheet by March next. "The joint venture will be struck off Dabur India balance sheet within this fiscal," vice-chairman and managing director GC Burman said.
Earlier this month, Dabur announced plans to offload its 60 per cent stake in Excelsia Foods to minority stake holder Osem of Israel.
Since Osem Worldwide was taken over by Nestle SA last year, this announcement effectually means that Nestle will be picking up the majority stake in Excelsia. Also, Dabur is divesting its 49 per cent stake in the confectionery joint venture General de Confeteria to majority stake holder Agrolimen of Spain. Both the divestments should be completed by March next, Burman said. The divestments are in line with what consultants McKinsey recommended last year in order to enable Dabur to focus on its core strengths.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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