US food maker ConAgra Foods has today (29 November) increased its stake in Indian firm Agro Tech Foods, making it the majority shareholder.
ConAgra has increased its share to more than 50% in Agro Tech Foods, which is part of ConAgra Foods, through the purchase of existing shares from a third party. The purchase price for the additional shares was approximately US$10m.
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Before the announcement, ConAgra owned 48% of the company, a spokesperson for the company said.
Gary Rodkin, CEO, ConAgra Foods said: “Expanding our international business is a key part of our strategic plan, and India represents an attractive growth market for ConAgra Foods. We will continue to work with Agro Tech’s management team to expand its business and our investment in this important region.”
“We are excited that ConAgra Foods has increased its ownership stake in Agro Tech Foods and look forward to working with the company more collaboratively to increase our growth and profitability,” said Agro Tech Foods president and CEO Sachin Gopal.
Agro Tech Foods sells food and food ingredients in India. The company’s products include Sundrop branded edible oils, shelf stable pudding and peanut butter, Crystal-branded sunflower oil and Healthy World branded dried green peas.
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By GlobalDataAgro Tech Foods recently reported an 11% increase in net sales, and a 26% increase in profit after tax, over its prior fiscal year.
