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Nestle Targets $1B Acquisition Of 'Ching's Secret' Owner Capital Foods In India
The food company was reportedly in talks to acquire Mumbai-based Capital Foods, as such a transaction was expected to add more than USD 1 billion in value to Nestle's Indian operations
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Swiss multinational food group Nestle SA is reportedly among the final bidders vying to acquire India's Capital Foods, in a bid to strengthen its presence in the rapidly growing economy, according to Bloomberg.
Capital Foods is known for its Ching's Secret brand of spicy noodles and fusion chutneys, as well as its Smith & Jones cooking pastes and masala mixes.
The potential deal could add more than $1 billion in value to Nestle's Indian operations, but other suitors are also said to be interested. Nestle's shares in India have gained 10 per cent over the past 12 months, adding to its market value of about USD 22.3 billion.
Capital Foods' investors include General Atlantic, which acquired its stake in 2018. However, both companies have yet to officially confirm any plans for a deal.