RP- Sanjiv Goenka Group, an India-based company has announced 70% stake acquisition in packaged foods company Apricot Foods for Rs 4.4bn ($68m).
Apricot Foods is a privately held company, based in Gujarat and sells food products under the E-Vita brand. The company has facilities in Hyderabad, Telangana; and Rajkot, Gujarat. It has also reported annual revenues of approximately Rs 2bn ($31m).
Sanjiv Goenka, chairman, RP-Sanjiv Goenka Group said, “The company plans to sell snacks under the E-Vita brand at prices affordable to consumers.” The Group has recently started its food business under the Too Yumm brand from its flagship company, power utility supplier CESC.
The remaining equity in Apricot Foods will be held by its founders Sanjay and Rajesh Patel.
RP-Sanjiv Goenka Group is planning to establish production facilities at food parks in various states across India such as Uttar Pradesh, West Bengal, Rajasthan and Andhra Pradesh.The group has allocated Rs1.5bn ($23m) over the next two years to boost its snacks business.