Nestle India’s net profit up 27 pc in fourth quarter (Q4) of FY24

New Delhi: The board of directors of Nestle India has approved the execution of a definitive agreement to form a joint venture with Dr. Reddy’s Laboratories for nutritional health solutions, as the fast-moving consumer goods (FMCG) company on Thursday reported a net profit of Rs 934.17 crore for the fourth quarter (Q4) of FY24.

Dr Reddy’s will hold 51 per cent while Nestle India will hold 49 per cent stake in the JV with proportionate shareholder rights to voting, dividend distribution, and other economic rights, Nestle India said in a statement.

Nestle India will have a call option to increase its shareholding up to 60 per cent after six years at Fair Market Value. Dr Reddy’s will continue to hold at least 40 per cent of the shareholding after the company exercises its call option, Nestle India said. (IANS)

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