India-based privat- equity group WestBridge Capital Partners has announced it has made a public offer to buy a further 26% stake in Indian snack maker DFM Foods for US$52m.
The cash offer would see WestBridge increase its stake in the Delhi-based firm to 51%. In January last year, WestBridge announced it was taking a near-25% stake in the business for US$10m.
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DFM Foods, which was originally part of Delhi Flour Mills, is better known for its healthy snacks, which it produces and sells across the country. The company’s products include Crax Corn Rings, which it launched in 1984, as well as the Crax Namkeen and Natkhat brands.
The firm, which is listed on the Bombay Stock Exchange, has two processing facilities in the city of Ghaziabad in Uttar Pradesh and in the nearby Greater Noida region, also in the state.
While the company operates in central, western and southern India, its strongest markets are in the north of the country.
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