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Godfrey Phillips India inks deal to distribute products of chocolate maker Ferrero
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Godfrey Phillips India will procure products from Ferrero India and distribute them through its select channels across its distribution network.
Godfrey Phillips India Ltd announced in an exchange filing on Thursday, May 2, that it has signed an agreement with Ferrero India Pvt. Ltd for the distribution and resale of select sweet-packaged food products manufactured by Ferrero through select channels.
According to the agreement, Godfrey Phillips India will procure products from Ferrero India Private Limited and distribute or re-sell them through its select channels across its distribution network.
The initial agreement pertains to the distribution of Ferrero products in the domestic market in India for two years, the company informed the bourses.
Earlier in April, Godfrey Phillips India announced that it will discontinue the business operations of its retail division, known as 24Seven, due to a negative net worth following losses recorded as of March 31, 2023. 24Seven, known for its round-the-clock convenience store formats, had a presence in Delhi NCR, Punjab and Telangana.
Godfrey Phillips India produces a range of cigarette brands, including Four Square, Red & White, Cavanders, Stellar, Focus, Originals International, and others. The company also manufactures and distributes the global cigarette brand Marlboro in India through an arrangement with Philip Morris.
Ferrero, a subsidiary of the Ferrero Group based in Italy, is a sweet-packaged food enterprise, known for its premium chocolates. The group has a presence in over 170 countries and a portfolio that includes more than 35 brands.
Shares of Godfrey Phillips India ₹3,256 apiece, down 2.69, on the BSE at 1:48 PM.
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