It is speculated that ITC Foods is in an advanced stage of discussions with Parle for acquiring the latter's confectionery arm. However, when contacted, both ITC divisional chief executive (foods) Ravi Naware and Parle chairman Ramesh Chauhan denied that a deal is brewing.
"We do not comment on market speculation," Naware said, while pointing out that the company is continuously on the lookout for acquisitions in the foods business."If we get a good opportunity, we will buy." Chauhan said he has not been approached by anybody, including ITC. "Even if there is a proposal, I will not sell," Chauhan said.
ITC has been looking for buyouts in the foods space for the last couple of months. Since ITC entered the foods business in 2001, it has only acquired one brand, 'Mint-O', which is one of the leaders in its segment.
The foods business accounts for a major portion of the over Rs 1,800 crore revenue of ITC's new FMCG businesses. Its brands include 'Kitchens of India', 'Sunfeast', 'Candyman', 'Bingo' and 'Aashirvaad'.
Read more in The Times of India article.
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