Prataap Snacks today said it will acquire 80 per cent stake in Gujarat-based Avadh Snacks for a consideration of Rs 148 crore.
This would be through a combination of primary and secondary investment, Prataap Snacks said in a statement.
Commenting on the development Prataap Snacks MD & CEO Amit Kumar said: "Our acquisition of Avadh will help us accelerate our growth and deepen our presence in the key market of Gujarat."
Avadh Snacks is engaged in the manufacturing of namkeens under brand name Avadh. It has presence in the market of Gujarat and is expanding in Maharashtra and Rajasthan.
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