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Gujarat-based Saaj brand spices producer and retailer NHC Foods is looking to expand its footprints in other states through acquisition of processing units in central Indian states. The company plans to introduce new brands for which it plans to raise Rs 50 crore through qualified institutional placement to acquire new units in India and abroad.
According to Apoorva Shah, Managing Director, NHC Foods, the company has zeroed in on two plants in central India and utilise the fund for the acquisition.
NHC Foods which sells Saaz Masala and gourmet spices, intends to expand its footprint to other states with the Government regulations making it mandatory to sell powdered spices and condiments only in packed form.
The Food Safety and Standards Authority of India conveyed the norms in August 2011, giving the industry two years time to comply with.
NHC Foods who is primarily engaged in the procurement and processing of whole and ground spices, animal feeds, oil seeds and food grains. The company has its state-of-the-art manufacturing facilities at Pardi, Gujrat. Apart from India, the company exports to over 60 countries and has more than 200 international distributors.
Meanwhile, Abu Dhabi based FoodCo Holdings, one of the largest food companies in UAE comprising of four subsidiary companies, Foodco LLC, Sense Gourmet which operates Figaro's Pizza, Dana Plaza and Oasis is close to picking a stake in NHC Foods, Shah said.
