BikajiFoods International Acquires 49% Stake In Bhujialalji The company also acquired 396 Compulsorily Convertible Debentures (CCDs)in Bhujialalji
By Teena Jose
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Bikaji Foods International Ltd. has acquired a 49% stake in Bhujialalji Pvt. Ltd.,, the company announced in a stock exchange filing on Wednesday. It also acquired 396 Compulsorily Convertible Debentures (CCDs) in Bhujialalji.
According to an official statement, the deal comprised 9,608 equity shares and 396 CCDs at INR 5,100 value per security aggregating to INR 5.10 crore.
"Our strategic vision for this collaboration is to leverage synergies that enhance the overall market position of Bikaji, while continuing to function independently. With the company strategically headquartered in Bikaner, this acquisition will help us leverage the learnings of this new brand to enable accelerated growth and expand our horizon when it comes to a new audience set," said Deepak Agarwal, managing director, Bikaji Foods International Ltd, in the statement.
The statement further added that Bhujialalji Pvt. Ltd. (BPL) is a new entrant into this industry with a product portfolio comprising bhujia and namkeen variants.
Headquartered in Bikaner, Bhujialalji Pvt. Ltd. claims to have a portfolio of over 14 products with an annual packaging capacity of 5000 metric tonnes. The brand is currently available on online platforms for e-commerce and quick commerce, along with some modern trade retail chains.
"We are hoping to geographically expand our current market base, ranging from e-commerce to modern trade channels," Jai Agarwal, promoter, Bhujialalji Pvt. Ltd, commented on the acquisition.
As per industry reports, in fiscal 2015, the packaged food retail revenue was worth INR 2,434 billion and registered a CAGR of approximately 8.3% from fiscal 2015 to fiscal 2022. It is estimated to grow at a CAGR of 8% in the next five years to reach INR 5,798 billion, according to a Frost & Sullivan report.
