A manager at Indian dairy manufacturer Tirumala Milk Products Private Limited has confirmed to just-food that the company is the target of a purchase bid by France-based food multinational Danone.
Speaking from the headquarters of the Hyderabad-based company, the manager – who wanted to remain anonymous – said: “Talks are still on but nothing has been finalised as yet.”
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The company has declined to make any public comment on the takeover rumours.
The official could not give a date for when a statement would be made by Tirumala’s managing director Bolla Brahma Naidu.
His company had annual sales of Indian Rupees INR15bn (US$242m) in the 2011/2 fiscal year and produces a diverse range of dairy products, from milk to sweets, ghee, paneer butter milk, butter, curd, lassi and ice cream.
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By GlobalData
