ITC to bid for spice king "Patak’s"
The £200-million price tag, however, could be a sticking point as it is seen on the higher side.
NEW DELHI/ LONDON: ITC Foods is likely to put in a formal bid for Britain’s popular pickles and Indian curries brand, Patak’s. Heinz, which already has a partnership with Patak’s, could also be interested in the company, said sources.
The £200-million price tag, however, could be a sticking point as it is being seems a tad on the higher side for
potential partners or buyers.
According to information with ET, the tobacco major has been approached by Patak’s investment banker NM Rothschild with a proposal.
“A decision will be taken once the company has studied the details,” said people close to ITC.
ITC Foods CEO Ravi Naware declined to comment.
One caveat, though, is that Patak’s owner family-Kirit and Meena Pathak-is looking for a strategic partner to grow Patak’s global ambitions, an observer close to the family told ET.
The £200-million price tag, however, could be a sticking point as it is being seems a tad on the higher side for
potential partners or buyers.
According to information with ET, the tobacco major has been approached by Patak’s investment banker NM Rothschild with a proposal.
“A decision will be taken once the company has studied the details,” said people close to ITC.
ITC Foods CEO Ravi Naware declined to comment.
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From Patak’s point of view, ITC is being seen as “exactly the type of company that could be interested in talking to Patak’s”, said people close to the family. One caveat, though, is that Patak’s owner family-Kirit and Meena Pathak-is looking for a strategic partner to grow Patak’s global ambitions, an observer close to the family told ET.
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