Indian conglomerate The Tata Group has made a foray into processed foods with the acquisition of a majority stake in Innovative Foods.
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Tata, which has a presence in various sectors including beverages, chemicals, steel and motors, struck a deal to buy the stake from the Amalgam Group.
The acquisition, for an undisclosed sum, was made through Residency Foods and Beverages Limited (RFBL), a subsidiary of Indian Hotels Company Limited (IHCL), which in turn is owned by the Tata Group.
Innovative Foods produces ready meals, as well as frozen and ambient products, under the brand name Sumeru.
R. K. Krishnakumar, vice chairman of IHCL, said the company has a “strategic intent” for the processed foods business. He added: “We strongly believe in leveraging our in-house expertise in the group with FMCG, F&B and retail businesses. We are confident that IFL and the Sumeru brand will grow from strength to strength.”
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