Danone must abide by Press Note 1: Commerce Ministry
07 Jun 2007
The commerce ministry has said that Danone''s proposal to go solo in India needs the government''s approval. This is a setback for Danone''s business plans in India, reports CNBC-TV18.
The
government says that Danone needs to abide by Press
Note 1. It also said that Danone needs an NOC, or No
Objection Certificate from Wadia and Britannia to go
solo. The commerce ministry has told the RBI and the
finance ministry that Danone needs to abide by Press
Note 1.
Sources say that neither the Wadia''s nor Britannia Industries,
in which
Danone has a stake, have given an NOC to Danone. Danone
had apprised the government of its plans to go solo
in India, on 10 May.
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