Spain’s Ebro Foods is on the hunt for new acquisitions and could spend as much as EUR1bn (US$1.4bn) for an ideal target.

A company official confirmed comments made by Ebro president Antonio Hernandez Callejas to the local press.

The Ebro official would not “speculate” on possible targets but confirmed Hernandez’s view that Ebro’s future bids will likely be in the emerging markets with India a possible destination.

“India is an enormously attractive market,” Hernadez noted. Ebro recently opened an office in the country.

According to Hernandez, Ebro has the financial muscle to spend as much as three times Ebitda on acquisitions.

The company is flush with cash after selling its Puleva dairy division for EUR555m and has little debt. Moreover, this year, EBITDA is expected to rise 11% to EUR271.2m.

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Last month, Ebro tabled a A$600m (US$599.8m) bid to buy Australia-based Ricegrowers, which trades as SunRice.