New Delhi: Britannia Industries said on Monday that it has acquired a controlling stake in Kenya's Kenafric Biscuits Limited and has also fully acquired Catalyst Britannia Brands.
Wholly-owned Britannia & Co. (Dubai) Pvt Co Ltd (BADCO) has acquired Kenafric Biscuits Ltd (KBL), a private limited liability firm incorporated in Nairobi, Kenya, by subscribing for a 51 percent shareholding. The company's capital, Britannia Industries said in a regulatory filing.
It added that the cost of acquisition was 13.87 crore (Rs 9.2 crore) in Kenyan shillings.
KBL subsequently became a listed subsidiary of British Industries. The company said there is no KBL billing to report because it has not started operations.
Britannia Industries also said that BADCO acquired 100 percent of the share capital in Catalyst Britannia Brands Limited (CBBL) for Rs 2.14 crore per Kenyan shilling (Rs 1.42 crore), thereby making it a 100 percent subsidiary.
CBBL is an investment firm that owns the 'Britannia' brand in Kenya. The filing stated that the " Britannia" trademark is not the same as the " Britannia" trademark of Britannia Industries Limited.
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