Godrej Foods to Buy Nutrine for 2.7 Bln Rupees
India's Godrej Foods Ltd. and a private equity fund are set to buy privately-owned Nutrine Confectionery for about 2.7 billion rupees ($59 million), the Economic Times paper said on Tuesday.
13/06/06 Godrej Foods, spun off parent Godrej Industries Ltd. a few years ago, will team up with IL&FS Investment Managers for the largest single brand acquisition in the Indian consumer goods space, the paper said.
IL&FS has contributed about 900 million rupees toward the acquisition, the paper said.
Godrej officials did not return calls seeking comment.
The deal marks a complete exit from the sugar boiled confectionery business for Nutrine, based in the southern Indian city of Chittoor. The company had been courted before by Parry's Confectionery, Cadbury and Nestle in India.
UK-based private equity fund Actis had also bid for Nutrine.
The acquisition is a sign of the growing consolidation in the consumer goods industry, which revived last year after two years of sluggish growth.
Godrej Foods also sells branded tea and soya-based foods and beverages.
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