Wockhardt Limited, a listed pharma company has sold its Nutrition Business to the Danone Group, the French foods company, for an aggregate consideration of approximately 1600 crore ($288 million)..Amarchand Mangaldas advised Wockhardt with a team led by Mumbai-based Managing Partner Cyril Shroff along with Partners Ashish Jejurkar and Jaya Singhania..Platinum Partners acted as the Indian legal counsel to Danone while Freshfields, London acted as English legal counsel..Platinum team was led by Partner Nihar Mody while Freshfields team was led by Senior Partner Pratap Amin..Wockhardt had announced the deal with Danone in August 2011, but the transaction was delayed as Wockhardt had gotten involved in litigation with overseas bondholders..ET reports, with the completion of the deal, Danone has now formally entered India’s baby food and medical nutrition market, with Dexolac, Farex, Nusobee and Protinex brands, respectively..The new entity has been named Nutricia International Private Limited. Danone will utilize its global expertise in R&D and innovation to further enhance the established brands and develop products to serve India’s rising nutrition needs..Wockhardt will be using the funds to settle all outstanding dues related to debt restructuring and overseas bondholders. The funds will relieve the company’s balance sheet of high debt, which was a major concern for its investors.
Wockhardt Limited, a listed pharma company has sold its Nutrition Business to the Danone Group, the French foods company, for an aggregate consideration of approximately 1600 crore ($288 million)..Amarchand Mangaldas advised Wockhardt with a team led by Mumbai-based Managing Partner Cyril Shroff along with Partners Ashish Jejurkar and Jaya Singhania..Platinum Partners acted as the Indian legal counsel to Danone while Freshfields, London acted as English legal counsel..Platinum team was led by Partner Nihar Mody while Freshfields team was led by Senior Partner Pratap Amin..Wockhardt had announced the deal with Danone in August 2011, but the transaction was delayed as Wockhardt had gotten involved in litigation with overseas bondholders..ET reports, with the completion of the deal, Danone has now formally entered India’s baby food and medical nutrition market, with Dexolac, Farex, Nusobee and Protinex brands, respectively..The new entity has been named Nutricia International Private Limited. Danone will utilize its global expertise in R&D and innovation to further enhance the established brands and develop products to serve India’s rising nutrition needs..Wockhardt will be using the funds to settle all outstanding dues related to debt restructuring and overseas bondholders. The funds will relieve the company’s balance sheet of high debt, which was a major concern for its investors.