Nestlé India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 07, 2009, inter alia, has accepted the proposal of Speciality Foods India Pvt Ltd for acquisition of its Healthcare Nutrition Business, on terms and conditions as may be mutually agreed. The price approved by the Board is being conveyed to Speciality Foods India Pvt Ltd for their agreement. Subject to the agreement between the parties on the sale price and the terms, the sale of Healthcare Nutrition Business to Nestlé India Ltd is proposed to be effective from January 01, 2010. Acquisition of the Healthcare Nutrition Business is aligned with and will further reinforce the leadership position of Nestlé India Ltd in Nutrition, Health and Wellness. Nestlé India is being advised by M/s Bansi S. Mehta & Co., KPMG India Pvt Ltd and Amarchand Mangaldas.
Speciality Foods India Pvt Ltd is the other subsidiary of Nestlé S.A. in India. The product portfolio under the Healthcare Nutrition Business is meant to satisfy the needs of consumers with special nutritional requirements and sold in India under brands like RESOURCE, OPTIFAST and SPERT. The Healthcare Nutrition Business had revenue of Rs. 28.8 Crores for the year ended March 31, 2009.
The Company has issued a Press Release dated December 07, 2009 titled "Nestlé India Board Approves Proposal To acquire Healthcare Nutrition Business of Speciality Foods".