MILAN – ITC Ltd. is considering to buy a stake in Coffee Day Enterprises Ltd., the owner of Cafe Coffee Day retail chain, in a bid to diversify its businesses, say sources quoting people familiar with the matter. India’s biggest cigarette maker has been given access to Coffee Day’s assets and financial for due diligence, report the same sources.
Deliberations are at preliminary stage and may not lead to a formal offer, according to the people. ITC received an inquiry from an intermediary on Coffee Day and there has been no progress, its spokesman said in response to Bloomberg query.
Coca-Cola Co. was also said to be interested in India’s biggest cafe chain, but has never made a formal offer.
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