'Britannia is a long-term play for us'

BANGALORE: He’s broken his silence to the media for the first time since the tussle with Danone came out in the open. Wadia Group chairman Nusli Wadia, also known as the Samurai of India Inc, emphatically stated that Britannia is a strategic asset for the Wadia Group.

Talking to ET, Mr Wadia confirmed that the French partner had talked to him about the contours of Tuesday’s deal with Kraft Foods, though he declined to add any further. “Yes, they have spoken to us on it,” Mr Wadia said.

Mr Wadia has also made it amply clear that the Wadias are long-term players in Britannia, giving an indication that he’s not planning to give up without a good fight. The indefatigable hero of many boardroom battles added: “Britannia is a long-term strategic play for the Wadia Group.”

There was no answer to a query if he would consider partnering with Kraft in the future. Danone on Tuesday indicated that it would explore if there is scope for Kraft in Britannia once differences with the Wadias were resolved. To a specific question whether any player who buys 25% stake in ABIH/Britannia will have to make an open offer giving it control of the company, and whether he would contemplate such a move, Mr Wadia said he “cannot comment on speculation” at this point.

We probed further: Danone makes it appear that it is offering the stake as a matter of courtesy since you helped Frank Riboud’s father in a crisis? Mr Wadia refused to comment, while also remaining silent on whether his group had a right of first refusal. Will the ongoing legal proceedings between him and Danone will come in the way of the French giant’s smooth exit from Britannia? Sorry, no comments, says Mr Wadia.

But you can rest assured that he’s playing his cards carefully - and close to his chest. Meanwhile, a Danone spokesperson told ET that the next meeting between Groupe Danone CEO Franck Riboud and Mr Wadia “is scheduled in late August or early September.” Watch this space.