INDIA: Heritage share sale to fund retail expansion
Indian food group Heritage Foods plans to raise US$25m in a share sale to expand its retail business, called Fresh@.
Heritage is to place equity with institutional buyers, including mutual funds, foreign institutional investors, and venture and private equity funds.
"We have chalked out an expansion program involving an investment of US$30m over the next 12 months," Heritage president Mudhana Sambhashiva Rao told just-food today (16 November).
Heritage has 44 Fresh@ outlets with seven in Chennai, 12 in Bangalore and 25 in Hyderabad.
In the cities of Kolar, Krishnagiri, Chittoor and Medakatan, Heritage is investing US$5m to set up fruit and vegetable processing and packaging plants.
"The new plants will help us to bring down the wastage to 10% from the 30% now," Rao said.
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