The board of Indian food group Temptation Foods has approved plans to raise US$200m though a share offer.

The company issued notice of the board’s approval with a statement on the Mumbai Stock Exchange.

In May, the board of Temptation Foods has approved the possibility of increasing foreign ownership in the company.

The move, which could see foreign investment groups taking as much as 74% of Temptation, would be used raise funds to fuel future growth.

Temptation is a producer of frozen fruit and vegetables based in Mumbai.