Hindustan Foods Limited’s shares were up 1.94 per cent after the company acquired a sports shoe manufacturing unit located in Kundli, Haryana, as part of its move to strengthen its presence in the sports shoes segment. Facilitated by its wholly owned subsidiary, KNS Shoetech Private Limited, the acquisition, valued at approximately ₹30.72 crore, is formalised through a Business Transfer Agreement.
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The company reported that this development aligns with Hindustan Foods’ earlier announcement in October, where the company revealed plans to invest up to ₹100 crore in sports shoe manufacturing and disclosed the acquisition of 100 per cent shareholding in KNS.
Sameer Kothari, Managing Director, Hindustan Foods Limited said, “We are committed to explore new avenues for growth and have identified contract manufacturing of sports shoes as an exciting area to be in.”
The shares rose 1.94 per cent to ₹561 at 2.35 pm on the BSE.