Sanjiv Goenka Group buys Gujarat snacks firm

KOLKATA: RP-Sanjiv Goenka Group on Friday announced acquisition of 70% stake in a closely held Gujaratbased snacks company.

“We have acquired 70% in Apricot Foods, which sells e-vita branded snacks for an enterprise value of Rs 440 crore. The balance 30% will be retained by the existing promoters,” RP-Sanjiv Goenka Group Chairman Sanjiv Goenka told reporters on Friday. He said the snacks entity is mostly concentrated in Gujarat with its own manufacturing facilities in Gujarat and Hyderabad and has an annual revenue of Rs 200 crore. RP-Sanjiv Goenka Group’s FMCG vertical Guiltfree Industries has acquired the firm.

Goenka did not rule out further acquisitions in the FMCG space. “Our strategy is to be present in the three segments of FMCG products. The e-vita products are priced at Rs 5 and this will help us in foraying into mass market. Our Too Yum brand will be placed in the midmarket. We are now also planning to come up with something organic for the premium segment,” he said.

Stating that their FMCG segment has seen significant growth, Goenka said the company was planning to set up its own manufacturing unit to retain quality.