RP- Sanjiv Goenka Group has acquired the Gujarat-based snacks company by purchasing 70% stake in it. The FMCG vertical of RP-Sanjiv Goenka Group, Guiltfree Industries has acquired the firm.
Sanjiv Goenka, RP-Sanjiv Goenka Group Chairman while confirming the news said, “We have acquired 70% in Apricot Foods, which sells e-vita branded snacks for an enterprise value of ₹440 crore. The balance 30% will be retained by the existing promoters”.
The Apricot Foods is mostly concentrated in Gujarat, having its own manufacturing facilities in Gujarat and Hyderabad. The firm generates an annual revenue of ₹200 crore.
Goenka added, “Our strategy is to be present in the three segments of FMCG products. The e-vita products are priced at ₹5 and this will help us in foraying into the mass market. Our Too Yum brand will be placed in the midmarket. We are now also planning to come up with something organic for the premium segment”.
After analyzing its growth in FMCG segment, the company is planning to set up its own manufacturing unit in order to maintain the quality of items.