Bikaji Foods International Ltd announced today the completion of its acquisition of a 55 per cent stake in Ariba Foods Pvt Ltd. The transaction, valued at ₹60.49 crore, was finalised today, making Ariba Foods a subsidiary of Bikaji.
The shares of Bikaji Foods International were trading at ₹870.80, down by ₹0.55 or 0.06 per cent on the NSE today at 12:29 pm.
This strategic investment, first approved by Bikaji’s board on August 23, 2024, aims to expand the company’s frozen snacks and sweets business in India and globally. Bikaji plans to partially shift its current frozen snacks manufacturing to Ariba Foods’ facility in Ujjain, Madhya Pradesh.
Ariba Foods manufactures snacks under the ‘InDine’ brand and engages in contract manufacturing. The company reported a turnover of ₹38.43 crore for the fiscal year ending March 31, 2023. With this acquisition, Bikaji seeks to enhance its backward integration and secure control over its frozen food supply chain.
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Published on September 4, 2024
https://www.thehindubusinessline.com/markets/stock-markets/bikaji-foods-completes-acquisition-of-ariba-foods/article68604283.ece
