The Competition Commission of India (CCI) on Monday said that it has approved the acquisition of Reliance Retail’s dairy business by Heritage Foods, owned by Andhra Chief Minister N. Chandrababu Naidu.
In a tweet, the CCI said: “CCI_India approves acquisition of dairy business of Reliance Retail by Heritage Foods.”
Last year, Heritage Foods executed a binding agreement to acquire the dairy business of Reliance Retail through slump sale.
The Heritage Group, founded by Naidu in 1992, has six business divisions — dairy, retail, agri, bakery, renewable energy and vetCa – under its flagship company Heritage Foods.
The annual turnover of Heritage Foods crossed Rs 2,380.58 crore in 2015-16.