HT Bureau
GUWAHATI, Jan 29: Vikas Lifecare Limited announced its financial performance for the nine months ended December 31, 2022, and the decision to make a strategic investment of up to Rs 250 crore in Kohinoor Foods Limited.
In line with the Company’s pre-defined long-term growth strategies, the Board of Directors of Vikas Lifecare Limited accorded their approval to invest the amount in Kohinoor Foods Limited, with an objective of broad-basing the Company’s product portfolio, and strengthening its positioning in the industry matrix, complimenting and supplementing the existing business lines of the Company by way of fresh equity, quasi capital, or any combination thereof, and to enter into a definite agreement with the existing promoters of Kohinoor Foods Limited for acquiring a substantial stake in it.
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On the occasion, SK Dhawan, managing director of the Company commented, “We are delighted to announce the Board’s decision to make a strategic investment in Kohinoor Foods Limited, a legacy of almost 5 decades, their pioneer and unparallel positioning in Basmati Rice and processed Food Products industry across the globe. This acquisition will enable Vikas Lifecare to augment its product portfolio and enhance its market presence in the FMCG space, which currently includes at a nascent stage. This investment is in line with the Company’s future-oriented growth strategy articulated to focus on building a robust portfolio of products.”
