Prataap Snacks Ltd. agreed to buy an 80 percent stake in Gujarat-based Avadh Snacks Pvt. Ltd. for Rs 148 crore.
“[It] will help us accelerate our growth and deepen our presence in the key market of Gujarat,” Amit Kumat, managing director and chief executive officer, said in a statement. The acquisition will be funded through a combination of primary and secondary investment.
Avadh Snacks sells bhujia, chevda, fafda, gathiya and other such products in Gujarat, Maharashtra and Rajasthan. Kumat said Prataap Snacks would like to build its presence along with Avadh brand in Gujarat, the biggest salty snacks market in India.
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