Temptation plans to raise $200 Mn

By SiliconIndia   |   Monday, 31 December 2007, 13:48 Hrs
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Mumbai: Temptation Foods (TFL), a leading frozen food exporting company, plans to raise $200 million by March 2008 to fund its acquisition spree and expansion.

"We could raise $200 million for our next level of growth. We have not yet decided the route but it could be rupee convertible loan or Global Depository Receipts," Vinit Kumar TFL CEO.

TFL is likely to deploy these funds for acquisitions of brands and on expanding in the domestic market.

The company had raised $30 million through a Qualified Institutional Placement (QIP) in 2007. The fund was part utilized for acquiring Everfresh, the food processing unit of Chambal Fertilisers and Chemicals (CFCL) and recently a marine export business in South for undisclosed sum.

"For the marine business, we have followed an asset light model and have bought only the business with an option to buy its factories within the next three years," said Kumar. Notably, Temptation Foods was once reported to be close to acquiring the marine business of Hindustan Unilever but the deal fell through.

With the acquisition of the southern firm, TFL could add Rs 350 to 400 crore in revenues through marine exports alone in a full year of operation, Kumar said.

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