Shareholders of Nestle India Ltd have turned down the company s proposal to raise the royalty payout to its Swiss parent. The resolution did not pass, with 57% of its shareholders voting against the plan, the packaged foods maker said in a stock exchange filing on Friday. The proposal was to increase the royalty by 0.15% of sales for each year over a duration of five years.
Suresh Narayanan, chairman and managing director of Nestlé India, expressed that this collaboration will empower them to develop a strong retail and distribution infrastructure.
Nestle India and Dr. Reddys form a joint venture to introduce new nutraceutical brands in India. The collaboration merges health solutions and commercial capabilities to enhance consumer access and affordability.
A joint press release from the companies said the partnership will bring together the well-known global range of nutritional health solutions as well as vitamins, minerals, herbals and supplements of Nestle Health Science (NHSc) with the strong and established commercial strengths of Dr Reddy s in India.