Under terms of the deal, Danone will sell its 50% stake in ABI Holdings Limited to Wadia Group.
ABI has a 50.96% interest in Britannia Industries Limited, which was formed by Danone and the Wadia family in 1992. The joint venture was leading supplier of cookies in India.
The company in 1997 introduced the Tiger brand of cookie, which became its best seller.
But the Wadia family later accused Danone of having sold Tiger cookies under licence outside India without having informed the Wadia Group.
Source: AFP
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