India's Godrej Consumer Products Ltd. (532424.BY) may buy Sara Lee Corp.'s (SLE) stake in Godrej Sara Lee Ltd., if the U.S.-based company decides to exit the joint venture, a company executive said Monday.

"We have the right of first refusal in the joint venture with Sara Lee. So, if Sara Lee decides to exit the joint venture we may look at buying them out," P. Ganesh, Godrej Consumer's finance and commercial vice president, told Dow Jones Newswires.

Ganesh was responding to a media report that Godrej Consumer is willing to acquire Sara Lee's 51% stake in the Indian joint venture.

The right of first refusal gives Godrej the right to purchase Sara Lee's stake in their joint venture before the offer is made to others.

-By Rumman Ahmed, Dow Jones Newswires; 91-9845104173; rumman.ahmed@dowjones.com