Adani Wilmar Ltd., the kitchen-essential firm owned by Gautam Adani, is scouting for local and overseas takeover targets as Asia’s richest man builds his empire, weeks after Reliance Industries Ltd announced plans to launch a consumer goods business. To promote the food operations of the
“We are looking at acquiring brands at core foodservice and distribution companies to boost our consumer goods offerings and reach,” Angshu Malik, chief executive officer and managing director of Adani Wilmar, said in an interview on Wednesday. “We are looking forward to completing some of the acquisitions by March.”
Malik said the company has earmarked 5 billion rupees ($62.9 million) from its initial public offering for the purchase. He said the additional funding would come from internal sources and would amount to Rs 30 billion of planned capital expenditure for the next year starting April. The food company’s stock has more than tripled since its $486 million debut in February.
Adani Wilmar has seen two milestones since its February listing.
Groups such as the Adani Group and billionaire Mukesh Ambani’s Reliance Industries are trying to grab a chunk of India’s food manufacturing industry. judged According to the Food and Agriculture Organization of the United Nations, $400 billion.
Adani Wilmar has recently acquired several brands including the Kohinoor cooking brand from McCormick Switzerland for an undisclosed amount. The acquisition gave Adani Wilmar exclusive rights to Kohinoor’s Basmati rice and ready-to-cook, ready-to-eat curries and meals in India. Adani Group has been buying around 32 companies valued at around $17 billion in the past one year, many of which are outside its core coal and infrastructure businesses.
Reliance Retail Limited, a subsidiary of Reliance Industries announced this Foray In August the rapidly growing consumer goods, or FMCG, business, with the aim of developing and delivering high quality products at affordable prices.
“Going forward, companies will have to provide quality products, value for money and strong distribution network,” Mallick said, adding his company is seeing a 50% increase in e-commerce distribution through Amazon and Flipkart. has been
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