Telugu Desam Party president and Andhra Pradesh chief minister N Chandrababu Naidu’s family enterprise Heritage Foods has bought Reliance Dairy, a wing of the Reliance Retail Limited (RRL) promoted by industrial giant Mukesh Ambani.
The acquisition of the dairy business of the Reliance Retail by Heritage Foods was completed on Wednesday and came into effect from Thursday.
Within no time, the share prices of Heritage Foods grew up by nearly three per cent. In the first hour of trading itself, Heritage Foods was quoting at Rs 1,093.50, up by Rs 19.70.
Earlier this week, the Competition Commission of India had approved the proposed acquisition of Reliance Retail's dairy business by Heritage Foods.
Reliance Retail is a subsidiary of Reliance Industries Ltd and its dairy business operates a pan-India dairy procurement, processing and distribution platform under two brands -- Dairy Life and Dairy Pure.
Heritage Foods has several business divisions including dairy, retail, agri, bakery and renewable energy.
In November last year, Kishore Biyani-led Future Group signed a definitive agreement to acquire Heritage Foods in an all stock deal.
