Mumbai: Hershey lovers in India have reason to rejoice. The popular US chocolate maker Hershey Co. plans to increase its stake in its India unit Godrej Hershey Beverages and Foods from 51% to 57.8%.
According to A Mahendran, chief executive, the company will be buying more shares from its parent company.
In April this year, Hershey had bought a 51% stake in Godrej Beverages & Foods. This was to the tune of $55 million (Rs 22crore) out of which the chocolate maker plans to undertake the construction of a building in north India. The plan is to make hard candy which they feel the Indian market is likely to lap up. The company also has plans of creating a manufacturing facility in India to service their needs over a long term period.