Parakh Foods to end JV with Cargill India
To sell its 49% stake to Cargill India, which would lead to complete ownership.
21/09/05 India, Parakh Foods is exiting its joint venture with Cargill India less than a year after the two companies got together to sell branded cooking oil to consumers.
This was the first JV between an MNC and a domestic major in India's Rs 5,000-crore branded cooking oil industry and, hence, had become something of a test case.
Pune-based Parakh Foods will be selling its 49% stake to Cargill India, which will now have complete ownership of two leading retail brands - Nature Fresh and Gemini - besides four edible oil refineries.
According to sources close to the deal, the Indian partner decided to exit because of irreconciliable differences between the two in their management objectives, market strategy and operational styles.
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