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Prataap Snacks Ltd, the Indore-based listed snack manufacturer, announced the acquisition of Avadh Snacks Pvt Ltd, a Gujarat based snack Foods Company for Rs 148 crore.
Prataap Snacks will be acquiring 80% in the firm through primary and secondary infusion of funds. The acquisition will help Prataap Snacks foray into Gujarat, the largest snacks market in the country.
Avadh has a well-diversified and strong product portfolio of traditional snacks like bhujia, chevda, fafda, gathiya, and extruded pellets like wheels, cups, pasta, etc.. The company is now expanding to neighbouring states of Maharashtra and Rajasthan.
Commenting on the development, Amit Kumat, managing director and chief executive at Prataap Snacks, said: “Prataap Snacks has been one of the fastest growing snacks food companies. Our acquisition of Avadh Snacks will help us accelerate our growth and deepen our presence in the key market of Gujarat. Gujarat is the biggest salty snacks market in India and is one of the most important markets where Prataap Snacks would like to build a presence with a strong partner like Avadh.”