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Drug-maker Wockhardt Ltd and its subsidiary have agreed to divest their nutritional business to French company Danone, one of the fastest growing food-companies in the world.
Under the agreement, Danone will acquire Wockhardt's nutrition business and brands as well as its related industrial operations from Carol Info Service (located in Punjab) for approximately €250 million (about Rs 1,600 crore), Danone said. The acquisition will provide Danone access to a distribution network with nationwide reach. Wockhardt's nutritional business comprises Farex, Dexolac, Nusobee and Protinex. These transactions are subject to customary closing conditions and various approvals.
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