In the latest annual report posted on its website, Danone has said it is negotiating with its partner with a view to selling its 25.5 per cent indirect stake in Britannia.
When contacted, a Danone spokesperson said: "We have no comments to offer at this stage as there is no progress made." Britannia sources, however, said there is no truth in this.
Danone also said in its annual report for 2007 that as of December 31, 2006, the fair value of its investment in Britannia, based on the price of the company's shares on the Bombay Stock Exchange, amounted to