P.M. BRIEFING : Nabisco Sells India, Pakistan Units
RJR Nabisco Inc. announced today it has sold its biscuit and food businesses in India and Pakistan, the latest move in a continuing effort to reduce the debt from its record $24.53 billion leveraged buyout.
The sale of Associated Biscuits International Limited to Britannia Industries Pte. Ltd. of Singapore is valued at about $44 million. ABIL, based in England, owns about 38% of Britannia Industries in India and 40% of English Biscuit Manufacturers Ltd. in Pakistan.
Britannia, India’s largest biscuit and baking company, had 1988 pretax earnings of $10 million. The company also operates soybean and export divisions.