Jain Irrigation Systems today said its subsidiary has acquired Belgium-based Innovafood N V and its affiliated firms.
The company, however, did not disclose the deal amount but said no government regulatory approvals are required to complete the transaction.
Jain Farm Fresh Foods Ltd (JFFFL) has acquired 100 per cent stake in Innovafood through its Belgium-based subsidiary, , it said in a regulatory filing.
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"We are delighted to be able to make this investment in a very dynamic, growth-oriented company. Innovafood and Jain have enjoyed a very close relationship in the past. We are looking forward to see Innovafood become much larger entity under Jain umbrella," JFFFL Chairman Anil Jain said.
For last 15 years, Jain has been one of our key supplier from India, Innovafoods Founder and CEO Michel Driessens said and added, "Now this relationship has been further strengthened."
Jain Irrigation said that the acquisition aligns with another similar strategic investment in the UK by JFFFL into a similar business covering British Isles seven years with very impressive performance till date.
Innovafood has been exclusive distributor of JFFFL for last 15 years in Belgium, the Netherlands and Luxemburg as well as France markets for some of the key food ingredients supplied.
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