Indiantelevision.com Team

(3 April 2007 8:00 pm)

MUMBAI: Godrej Beverages and Foods Ltd. (GBFL) has entered into a joint venture with North American chocolate and confectionery manufacturer The Hershey Company, to manufacture and distribute confectionery, snacks and beverages in India. The new company has been named Godrej Hershey Foods & Beverages Limited.

Godrej Group chairman Adi Godrej said, "This joint venture is a strategic fit in our growing portfolio of foods businesses and gives us ready access to a strong portfolio of confectionery brands. The global brand equity and experience of Hershey and GBFL's lndian consumer understanding and distribution strength will complement each other well. "

"The partnership with Godrej represents a significant step in Hershey's global growth strategy," said The Hershey Company chairman, president and CEO Richard H Lenny.

"India is an important growth market with tremendous long-term potential for our company, and Godrej has a strong track record of success and a deep knowledge of Indian consumers and markets. This agreement provides Hershey with access to Godrej's extensive route-to-market capabilities, extending our reach across India. Hershey and Godrej working together will create a powerful partnership that's relevant to the Indian consumer by delivering superior taste and quality."

The JV aims to forge a growth in Godrej's Food and beverage business and at the same time will allow Hershey to launch its brands India using the former's distribution network

Godrej Hershey Foods & Beverages Ltd mentor director who holds a 6% stake in the new company A. Mahendran said, "We have been consistently looking at opportunities to upscale our value proposition to all our stakeholders and have been open to both organic as well as inorganic growth. Hershey's is a globally respected brand with synergies that fits well with our long term growth strategy."