Vikas Lifecare set to acquire Kohinoor Foods for Rs 250 crore

Premium specialty chemicals manufacturer Vikas Lifecare is set to acquire Kohinoor Foods. According to an exchange filing by Kohinoor Foods, the board at a meeting held on Monday reviewed and approved the proposal of Vikas Lifecare for strategic investment worth Rs 250 crore with an objective to settle the company's debts.

The filing said that a definitive agreement to formalise the transaction shall be entered into after the completion of the due diligence process.

Vikas Lifecare had last month announced an investment up to Rs 250 crore in Kohinoor Foods in line with the company’s pre-defined long-term growth strategies.

With the latest acquisition, Vikas Lifecare expands its product portfolio and expects that this will strengthen its positioning in the industry matrix.

Kohinoor Foods was incorporated in 1989. The company is engaged in the business of basmati rice, wheat flour and other processed food products.

Shares of Kohinoor Foods have yielded multibagger returns in the past one year. The counter has delivered a whopping 800 per cent return, resulting in wealth gain for investors. YTD, it has advanced nearly 25 per cent while 31 per cent in the past one month. 

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