India's Wadia Group, an equal partner with Danone in top biscuit maker Britannia Industries Ltd is poised to buy the French company's stake at a discount, the Business Standard said on Friday.

The deal, at a discount of as much as 20 percent to the market price, is likely to be finalised at a meeting of Danone Chairman Franck Riboud with Wadia on Sept. 3 in India, the newspaper said, citing sources close to the development.

"The two partners are also likely to discuss the thorny issues of intellectual property... and the no-objection certificate that Danone needs to go solo," it said.

A spokeswoman for Danone in Paris confirmed Riboud would meet Wadia but declined to comment on the report of a possible sale of the French company's stake in Britannia.

"There are a certain number of disagreements between Danone and Wadia and the meeting concerns them but I have no specific details about the agenda," she said.

A Wadia spokeswoman did not return a call seeking comment.

Danone and the Wadia Group each own 50 percent in Associated Biscuits International, which holds 51 percent in Britannia. Their agreement gives each side a first right of refusal to buy the other's stake, the paper said.

The Wadia Group has had a rocky relationship with Danone, having taken Danone to court over the French firm's strategic stake in an Indian biotech firm, which Wadia said violated a non-compete clause in their joint venture agreement.