India`s Tata Consumer Products to buy Capital Foods for $616 million
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India's Tata Consumer Products will buy Capital Foods for an enterprise value of 51 billion rupees ($615.95 million), it said in an exchange filing on Friday.
The company will initially buy a 75% stake in Capital Foods, which manufactures packaged food and condiments such as chutney, sauces and noodles under their "Ching's Secret" and "Smith & Jones" brands.
It will buy the remaining 25% stake in the Mumbai-based firm within three years as Tata Consumer seeks to enter new high-growth categories in the food and beverage space.
($1 = 82.7996 Indian rupees)
