Friday, May 13, 2005
Friday, May 13, 2005 |
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Special Correspondent
CHENNAI: RPG Enterprises and Hong Kong-based Dairy Farm International have decided to terminate their joint venture agreement in India. The details of the arrangement will be announced later, says a release from RPG Enterprises. Following their decision to part ways, RPG Enterprises would offer its shareholdings in both the FoodWorld and Health & Glow businesses to other Indian investors as required under the Government approvals for joint ventures in retail in India, it said. RPG Enterprises would subsequently buy back a part of the existing business as agreed in the settlement, it added. The above arrangement would be completed by the third quarter of this year and would allow Dairy Farm International and RPG to pursue their respective strategies for retailing in India, the release added. "We believe that once concluded, this arrangement will enable RPG to leverage its existing retail assets in pursuit of consolidating and fast expanding its retail presence in this emerging industry," the release said quoting an unnamed spokesman.
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