Associated British Foods (ABF), the UK-based food and retail group which owns brands like Twinings tea and Ovaltine beverages, today announced that it has reached an agreement to buy Indian cuisine brand Patak's from the founding Pathak family.
In a press statement, ABF said that the gross assets of the business being acquired were £40 million as of 2 October 2005. Unaudited revenue for the year to 30 September 2006 was £66million. The deal is expected to be completed by the end of August this year.
The business comprises the Patak’s brand and assets in all countries except India. Patak's, which manufactures and markets Indian cooking sauces, curry pastes, chutneys and other meal accompaniments was set up by the Pathak family in England in 1957.
Patak’s is a well established brand in Indian cuisine in England and also has a wide international presence. Tobacco to hotel company ITC too was said to be in the running for Patak's.
Read more in The Business Standar article.
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