Heritage Foods, the Indian dairy firm, is stepping up its presence in northern India with the acquisition of milk processor Vanam Foods.
Mohali, Punjab based Vanam Foods was founded in 2015 and reported turnover of 1,296 lakh INR ($1.98 million) to the year ending 31st March 2017.
Heritage Foods has been stepping up its presence in the dairy space following its exit from the retail and bakery business as the result of the sale of its retail and allied businesses to Future Retail in 2016. Last November, the firm announced the acquisition of the dairy business of Reliance Retail through a slump sale, seeking to strengthen its presence in existing markets including Punjab, Mumbai and Delhi-NCR.
The acquisition is reportedly being transacted on an all-cash basis. Terms of the deal were not disclosed.
Source: Telangana Today
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