Financial Daily from THE HINDU group of publications
Saturday, Jul 03, 2004
Financial Daily from THE HINDU group of publications Saturday, Jul 03, 2004 |
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Corporate
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Announcements Nestle gets FIPB nod to sell pet food thru Excelcia Sindhu J. Bhattacharya
New Delhi , July 2 THE Foreign Investment Promotion Board has cleared Nestle SA's proposal to introduce pet foods in India through the wholly-owned subsidiary Excelcia Foods Pvt Ltd, sources said here on Friday. The Swiss food major had said in its proposal that it will not use its other Indian subsidiary, Nestle India, to enter this new business while seeking permission for cash and carry wholesale trading of pet foods. The Swiss major's request to route the pet foods business through Excelcia comes about five years after it exited the business of manufacturing and selling biscuits through Excelcia, in a joint venture with Dabur India Ltd. And since the joint venture was dissolved, Execlcia has been doing no other business. At present, it has no manufacturing facility of its own and as per the Nestle SA proposal the pet foods will be imported from Nestle's manufacturing facilities overseas.
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