India’s Tata Consumer Products to buy Capital Foods for $616 million

BENGALURU (Reuters) -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)

(Reporting by Ashna Teresa Britto and Devika Nair; Editing by Devika Syamnath)