Indian Hotels subsidiary buys 70% of Innovative Foods
Indian Hotels Co, the country's largest provider of rooms and owner of the Taj chain of hotels, said its unit acquired 70 per cent stake in a local processed foods maker.
By PTI |
MUMBAI: Indian Hotels Co, the country's largest provider of rooms and owner of the Taj chain of hotels, said its unit acquired 70 per cent stake in a local processed foods maker.
Residency Foods and Beverages Ltd bought majority stake in Innovative Foods Ltd, which makes frozen ready-to-cook and ready-to-eat foods, Mumbai-based Indian Hotels said in an e- mailed statement today. The Tata Group company didn't provide a value for the purchase.
The Tata group, which comprises 96 companies that control about 3 percent of India's $854 billion economy, aims to take advantage of demand for processed foods. The market for packaged foods is estimated to rise by as much as 12 percent a year, according to India Brand Equity Foundation.
Innovative Foods has a processing plant in Kochi, in southern Kerala state, and makes a range of products such as Indian breads under the Sumeru brand.
Residency Foods and Beverages Ltd bought majority stake in Innovative Foods Ltd, which makes frozen ready-to-cook and ready-to-eat foods, Mumbai-based Indian Hotels said in an e- mailed statement today. The Tata Group company didn't provide a value for the purchase.
The Tata group, which comprises 96 companies that control about 3 percent of India's $854 billion economy, aims to take advantage of demand for processed foods. The market for packaged foods is estimated to rise by as much as 12 percent a year, according to India Brand Equity Foundation.
Innovative Foods has a processing plant in Kochi, in southern Kerala state, and makes a range of products such as Indian breads under the Sumeru brand.
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