Business Update24 Jun 2024, 11:22 pm
S H Kelkar and Company Ltd's Subsidiary Sells 40% Stake in NuTaste Food and Drink Labs for Rs. 12.5 Crore
AI Summary
S H Kelkar and Company Ltd's wholly owned subsidiary, Keva Flavours Private Limited (KFL), has entered into a Share Purchase Agreement to sell 40% stake in its wholly owned subsidiary, NuTaste Food and Drink Labs Private Limited, for Rs. 12.5 crore. This decision is made to maintain KFL’s strategic focus on the formulation business and partner with a strategic investor to further accelerate growth of NuTaste's QSR segment. The flavor formulation segment of NuTaste has been merged with KFL’s business.
Key Highlights
- Keva Flavours Private Limited sells 40% stake in NuTaste Food and Drink Labs Private Limited for Rs. 12.5 crore.
- NuTaste Food and Drink Labs Private Limited reported strong growth in the food service sector, within the QSR space.
- KFL continues to hold 40% equity stake in NuTaste after the sale.
- The flavor formulation segment of NuTaste has been merged with KFL’s business.
- The sale is made to maintain KFL’s strategic focus on the formulation business.