India-based RP-Sanjiv Goenka Group acquires 70% stake in Apricot Foods
India-based RP-Sanjiv Goenka Group has acquired 70% stake in packaged foods company Apricot Foods for Rs4.4bn ($68m).
A Gujarat-based privately held company, Apricot sells food products under the E-Vita brand and has facilities in Hyderabad, Telangana; and Rajkot, Gujarat. It has also reported annual revenues of approximately Rs2bn ($31m).
RP-Sanjiv Goenka Group chairman Sanjiv Goenka was quoted by LiveMint as saying that the company plans to sell snacks under the E-Vita brand at prices affordable to consumers.
The remaining equity in Apricot Foods will be held by its founders Sanjay and Rajesh Patel.
The RP-Sanjiv Goenka Group recently started its food business under the Too Yumm brand from its flagship company, power utility supplier CESC.
Following the conclusion of a restructuring exercise, its food business will eventually come to be controlled by CESC Ventures.
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.