Mumbai, Nov. 14 - India's ITC Ltd has approached Parle Products to buy out its confectionery business, the Economic Times said on Wednesday.
ITC, India's top cigarette maker, has two confectionery brands and was keen on Parle's popular brands, including Poppins, Melody and Mango Bite, the paper said, citing an industry source.
Parle, which also has a beverages business, was keen on building its biscuits business, where Britannia Industries and ITC also compete, the paper said, without specifying a value of a potential deal for confectionery.
A spokesman for ITC said they would not comment on market speculation.
U.S. chocolate maker Hershey Co earlier this year bought a controlling stake in Godrej Beverages & Foods for about $55 million for a bigger stake in a fragmented market.