Temptation Foods Gets Hold Of CFCL's Food Processing Arm ‘Everfresh’

Mumbai: The fruits and vegetables processing firm, Temptation Foods has announced that it has bought ‘Everfresh,’ the food processing division of Chambal Fertilisers and Chemicals (CFCL).

The financial details of the deal were not disclosed yet.

The company will fund the recent acquisition from the amount (Rs 114 crore) lifted through its recently completed QIP (qualified institutional promoters) issue.

Vinit Kumar, Chairman and Managing Director, Temptation Foods Ltd, said, “We welcome the Everfresh employees and management team to Temptation Foods Ltd. This acquisition ties in with our growth plans, which is strong brands and a balance between domestic and export business. The Everfresh acquisition will also give us a robust pan-Indian sales and distribution network. We will look at expanding the breadth and depth of the Everfresh brand and also look at exploring export opportunities.”

Everfresh is one of the largest domestic brands in the frozen fruits and vegetables section. It had a turnover of over Rs 20 crore in 2007.

In the afternoon dealings, the shares of Temptation Foods were trading at Rs 235.10, up 0.04%, whereas the CFCL’s shares were swapping at Rs 50.30, up 0.70% on the Bombay Stock Exchange (BSE).

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