Temptation Foods is close to acquiring the 'Everfresh' brand of frozen foods and vegetables from Chambal Fertilisers & Chemicals, industry sources said. The deal, which is likely to be inked this week, will make Temptation Foods the second largest player in frozen foods after Safal.
The deal is being clinched at a valuation of around 1.5 times the sales turnover of Safal. This could take the consideration to around Rs 40 crore.
The Everfresh acquisition will give the company access to the brand's cold chain distribution network within the country. Everfresh is manufactured at Sonepat, Haryana. The acquisition will also expand Temptation Foods' product portfolio to include sween corn, green peas and mixed vegetables. Currently, about 90% of the company's products are consumed in the exports market.
Read more in The Times of India article.
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