Emami Biotech, the edible oil and bio-diesel arm of the Emami Group, has acquired Kolkata-based vanaspati oil brand 'Rasoi', for an undisclosed amount.
The company has entered into an agreement with Rasoi Ltd, the edible oil arm of Rasoi Group to acquire edible oil brand Rasoi, Emami said in a statement.
The acquisition will be an addition to the company's existing portfolio of leading edible oil brands such as 'Emami Healthy & Tasty and 'Himani Best Choice', it added.
"Rasoi is a heritage brand that enjoys very strong brand equity. It is a leading Vanaspati brand in West Bengal and one of the leading producers of Vanaspati in India that enjoys a strong legacy of consumer trust," Emami Group Director Aditya V Agarwal said.
The brand offers synergy with the company's edible oil business which will offer great value, he added.
"With the acquisition of the 'Rasoi' brand, we would be adding Vanaspati to our existing portfolio, enabling us to offer a wide range of choices to our consumers," Agarwal said.
Emami Group Director Manish Goenka said Emami Biotech is poised to be a Rs 5,000 crore company by end of this financial year.
"The acquisition of Rasoi brand is part of our inorganic growth plan and has been funded internally. This is line with our overall growth strategy to emerge as the one of the top three edible oil companies in India," he added.
Emami Biotech plans to set up its third refinery with a capacity of 2,000 TPD in Gujarat to cater to northern and western markets, which is expected to become operational in the next 18-24 months, the Kolkata-based firm added.
Emami shares today closed at Rs 695.30 apiece on the BSE, down 0.37 per cent from previous close.
