The board of Temptation Foods has approved the possibility of increasing foreign ownership in the company, the Indian group has told just-food.
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“The possibility of increasing foreign investment in our company has received approval from our board of directors,” a spokesperson confirmed today (29 May).
The move, which could see foreign investment groups taking as much as 74% of Temptation, would be used raise funds to fuel future growth.
The company declined to indicate the amount it could potentially raise. According to local reports, Temptation plans to raise INR1.5bn (US$37.14m) to fund the acquisition of Karen’s Gourmet Kitchen.
Temptation is a producer of frozen fruit and vegetables based in Mumbai.
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