Danone snaps up nutrition business of India's Wockhardt
French food conglomerate Danone said on Tuesday it had agreed to buy Wockhardt's nutrition business and brands for 250 million euros ($355 million), giving it an entry into the baby nutrition markets in India.
"The strong brand awareness of Wockhardts Dexolac, Farex and Nusobee baby nutrition products and their credibility with healthcare professionals will accelerate Danones entry into the countrys baby nutrition market," Danone said in a statement.
With over 25 million children born each year, India is the fastest-growing infant nutrition market in the world, noted Danone, which makes the Bebelac infant formula.
Danone, known best for its yoghurt as well as Evian water, said the deal would give it access to a distribution network that stretches across India.
© 2011 AFP