Mumbai : Hindustan Foods has received approval to subscribe 8.46% of the paid-up equity share capital of ATC Beverage. The company is subscribing with a view to expand its operations and realizing synergies from the combination of businesses of both companies and devising more comprehensive and integrated solutions.
The company will convert the loan amounting to Rs1.75 crore given to ATC into equity shares of ATC as a cost of investment. The transaction is expected to be completed by end of May 2019. The Board of Directors of the company at its meeting held on April 18, 2019 has approved the same.
Hindustan Foods manufactures high quality cereal based food products and a range of instant mixes, baby foods, instant porridges, breakfast cereals and health drinks.
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