Business Daily from THE HINDU group of publications
Friday, Apr 11, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Apr 11, 2008 ePaper | Mobile/PDA Version |
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Marketing
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Brands Temptation Foods keen to acquire more brands
The company is now scouting for smaller regional brands with a potential to go national. Also eyeing global brands especially in the ready-to-eat segment. Our Bureau Mumbai, April 10 Temptation Foods, the Mumbai-based company is planning to grow inorganically by acquiring brands primarily in the ready-to-eat segment. Having acquired brands such as Everfresh, the frozen peas brand from Chambal Fertilizers, and the Karen Anand brand in the past, the foods company is now looking to add more brands in its portfolio. At a press conference Mr Vinit Kumar, Chairman and Managing Director, Temptation Foods, said, “We are raising $200 million through a QIP issue. The money would be used to buy more brands.” Having been in the limelight when there were talks of the company acquiring HUL’s marine business, Temptation Foods is now scouting for smaller regional brands with a potential to go national. “We are looking for regional brands and these could be in categories such as spices, edible oils and snack foods,” stated Mr Kumar. At the same time, there are also chances of acquiring global brands especially in the ready-to-eat segment. “We are also looking at opportunities among global consumer products companies and we want our portfolio to comprise 70 per cent of our own brands,” said Mr Kumar. Currently, the company is one of the leaders in the processed fruits and vegetables business. At the same time Temptation Foods continues to supply to a host of private retailers across the country. Its clients include FMCG players such as ITC and big retailers such as Reliance Retail. Temptation Foods has recorded a total sales turnover of Rs 25.5 crore while profits stood at Rs 13.1 crore for the fourth quarter ending in March. More Stories on : Brands | Foods & Food Processing
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