Heritage Foods up 4%, to buy dairy business of Reliance Retail

Moneycontrol BureauShare price of Heritage Foods added nearly 4 percent intraday on Muhurat day. The company has entered into binding agreement to acquire diary business of Reliance Retail on slump sale.The said transaction is subject to the regulatory approval and other conditions and procedures that are customary for similar transactions.Diary business of Reliance Retail offers wide variety of products and it has generated a revenue of Rs 553 crore in FY 2015-16.Post this transaction, Reliance Retail will continue to trade in dairy products including Heritage diary products through its retail and wholesale channels.At 18:33 hrs Heritage Foods was quoting at Rs 921.40, up Rs 14.75, or 1.63 percent on the BSE.Posted by Rakesh Patil