Kishore Biyani-led Future Group’s Future Consumer Enterprise Ltd (FCEL) has recently shared its plans for picking up 51 per cent stake in food and confectionery manufacturer Sublime Foods for an undisclosed sum, says a PTI report.
Further, the company informed the BSE that it "has made investment by way of subscription to the equity shares of Sublime, in terms whereof equity shares aggregating to 51 per cent of the paid-up share capital of Sublime, have been allotted to the company".
After the share purchase, Sublime has become a subsidiary of the company, FCEL informed further.
However, the company has not disclosed the amount which it has spend to raise its stake.
"We consider that the processed and packaged food industry holds immense potential, and is poised towards growth," the company said.
Sublime, a JV between FCEL and Bhandari Group, is engaged in the business of food and food based products including manufacture and distribution of processed food items like specialty sauces, salad dressings, cooking pastes, spreads and dips.
It has a production facility in the company's India Food Park located in Tumkur Karnataka.
Shares of Future Consumer Enterprise Ltd today closed at Rs 15.19 per scrip on the BSE, up 8.97 per cent from the previous close.