Britannia declines reports to sell its bakery subsidiary

Rejecting media speculation that Britannia Industries is planning to sell its bakery foods subsidiary, Daily Bread, Kolkata-based food-products corporation has said that there is no such plan and it is simply a routine affair.

"With reference to the news item appearing in a leading newspaper titled "Britania puts Daily Bread on the Block", the company clarified that "the company routinely keeps evaluating various opportunities of rationalizing/restructuring its business including various divisions and we shall keep the Stock Exchange informed in this regards as required under the Listing Agreement & we have nothing to disclose to the Stock Exchanges on this matter," Britannia Industries said in a filing to Bombay Stock Exchange.

In the last few days, there is buzz in market that biscuits major is in talks to sell its bakery foods subsidiary, Daily Bread, four years after the acquisition.

Dion Global Solutions Ltd.

Story first published: Friday, October 25, 2013, 12:57 [IST]
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