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CavinKare may buy a food company
May 17, 2008: CavinKare, the Chennai-based FMCG company, is in discussion with a small food company for acquisition, which would cost anywhere between Rs.15-100crore.
After entering the packaged fruit juice market, through the acquisition of the company Maa, for Rs.30 crore in February this year, the company is looking at more 'under-leveraged' brands to grow its food business. The deal is likely to be completed in the current fiscal. The idea behind the acquisition is to buy the regional brand and expand them across the country.
Talks are on with a contract manufacturer in Pondicherry for acquiring a unit and making it an export-enabling facility for CavinKare, which would cost another Rs10 crore.
Source: Business Standard