French dairy and nutrition major Danone has completed the acquisition of Wockhardt's nutrition business for INR12.80bn($355m),in a deal which marks Danone's foray into India's baby foods and medical nutrition business.
Under the deal,Danone gains control Wockhardt's nutrition brands such as Dexolac,Farex,Nusobee and Protinex.
The new entity is known as Nutricia International,which has two divisions-the baby nutrition business is called Nutricia Baby Nutrition&Shared Organization,while the medical nutrition business is known as Nutricia Medical Nutrition.
Laurent Marcel has been named as the managing director of Nutricia Baby Nutrition&Shared Organization,while Anver Moola has been appointed as the managing director of Nutricia Medical Nutrition.
Although the Indian firm agreed to sell the business in August 2011,the deal was delayed after Wockhardt was involved in litigation with its bond holders,who wanted to liquidate the company to pay their arrears.
With the completion of the deal,Wockhardt plans to focus on its core human pharmaceutical business.
