Vikas Lifecare Limited has informed exchanges that the board has approved the acquisition of rice milling company Kohinoor Foods. As per the filing, Vikas Lifecare will invest Rs 250 crore.
The decision is in line with the company’s pre-defined long-term growth strategies.
SK Dhawan, MD, Vikas Lifecare, said that Kohinoor Foods’ acquisition will help the company to augment its product portfolio and enhance its market presence in the FMCG space.
“This investment is in line with the company’s future-oriented growth strategy articulated to focus on building a robust portfolio of products,” he said in a statement.
In another related development, Vikas Lifecare has announced its financial performance for the first 9 months of the current fiscal.
The company’s standalone net revenue zoomed by 74 per cent to Rs 34,626.48 lakh as against Rs 19,833.44 lakh in the first 9 months of the last financial year. Its net profit increased by 123 per cent to Rs 1,288.57 lakh compared to Rs 577.77 lakh.
Vikas Lifecare shares on Wednesday jumped around 6 per cent to settle at Rs Rs 4.70 apiece on NSE.