AVCJ

Invus Group buys stake in India’s Capital Foods

  • Mirzaan Jamwal
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Invus Group and Artal have bought a 43.5% stake in Indian processed foods company Capital Food for INR1.8 billion ($29.5 million) from Future Consumer Enterprises (FCEL), formerly known as Future Ventures.

According to a regulatory filing, FCEL has entered into definitive arrangement to sell its entire investment in Capital Foods. Future Ventures bought a 33% stake in the company for INR451 million ($9.7 million) in 2010 from Everstone Group and subsequently raised its stake, as per AVCJ Research records.

Capital Foods makes Ching's Secret instant noodles, soups, condiments, curry pastes and frozen entrees, along with the Smith & Jones range of niche sauces and baked beans. It has three manufacturing units in Maharastra and Gujarat, and exports products to the US, UK, Singapore, Middle East and Australia.

For the 2012-2013 financial year the company reported consolidated sales of INR1.45 billion, up 17% year-on-year, while operating profit rose 8% to INR160 million.

The Future Group has been restructuring its businesses over the last year. Earlier this year it exited its minority investment in ethnic womenswear label BIBA Apparels to Warburg Pincus and Faering Capital for INR2.35 billion.

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