Indian snack food company, Prataap Snacks, has announced the acquisition of 80% of share of Avadh Snacks, a Gujarat based snack food company for Rs 148 crone ($2.1m).
Prataap Snacks manufactures fried and sliced chips/crisps made from potatoes, hummus, lentils, and namkeen, a type of traditional savoury Indian snack under the Yellow Diamond brand name, while Avadh Snacks manufactures namkeens under the Avadh brand name.
According to sources, the portfolio of products offered for both companies is complementary helping to expand further in new geography markets as well as home markets.
Amit Kumat, managing director and chief executive at Prataap Snacks commented on the acquisition: “Prataap Snacks has been one of the fastest growing snacks food companies. Our acquisition of Avadh Snacks will help us accelerate our growth and deepen our presence in the key market of Gujarat.”
Mr. Kumat also added: “Gujarat is the biggest salty snacks market in India and is one of the most important markets where Prataap Snacks would like to build a presence with a strong partner like Avadh.”
“We at Avadh are delighted to have Prataap Snacks lead us on this exciting journey in the Indian packaged food industry,” said Rajesh Savani, founder of Avadh Snacks.
Source: Live Mint