Nestle India denies media report that its parent company has any plans to increase stake in Indian unit from its current 62.8%

Nevin Barich

November 29, 2013 (Dion Global Solutions Limited) – Nestle India, the local unit of Swiss multinational food & beverage company, on Thursday denied media report that its parent has any plans to increase stake in Indian unit.

"Nestle S.A., which currently holds 62.76 per cent stake in Nestle India, currently have no plans to increase our stake in Indian business unit," Nestle India said in a filing to Bombay Stock Exchange.

Rejecting the media report "Nestle parent to increase stake in Indian arm by 12.24% for $1.2 bn", the manufactures milk products and other food products said that no such negotiations are talking place.

"We are not aware of any such proposal of Nestle S.A. for increase of stake in Nestle India," Nestle India said.

Reacting to news, shares of company declined as much as 4.24 per cent to close at Rs 5218.65 a piece from previous closing on BSE. Published by HT Syndication with permission from Dion Global Solutions Limited. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com

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