MUMBAI French food group Danone (DANO.PA) plans to double its sales in India in the next three years, a company executive said, as the world's top yogurt maker raises focus on emerging markets to drive growth when its traditional European markets are slowing.
Danone early this year paid about $355 million to buy Indian drugmaker Wockhardt's (WCKH.NS) nutrition business that sells popular brands such as Dexolac, Farex and Nusobee. The brands compete with Danone's top global rival Nestle (NESN.VX).
"India's growth in nutrition sector will outpace China's (growth)," Laurent Marcel, managing director at Danone's India nutrition business unit, told reporters on Thursday. "We are here to expand, grow the business."
India's baby nutrition market is valued about 25 billion rupees, in which Danone holds about 8 percent share, he said. (Reporting by Kaustubh Kulkarni; Editing by Sunil Nair)
Trending On Reuters
One of India's most powerful politicians, Jayalalithaa Jayaram, was sworn in as chief minister of Tamil Nadu following a nine-month break, after a court overturned her conviction in a corruption case. Full Article
Gold demand slows as China eyes equities; lack of weddings in India weighs Full Article