MUMBAI (Commodity Online): Bunge India , the susidiary of global agri business and food giant, Bunge Ltd,, bought edible oil business of Amrit Banaspati (BSE: AMRITBANA : 531728) for Rs 221 crore.
Bunge will also pay an additional Rs 104 crore for buying the trademark ‘Gagan' owned by Amrit Corporation.
According to Mr N. K. Bajaj, Chairman and Managing Director, Amrit Banaspati, the company will continue to operate a commodities trading division and will explore venturing into real estate and other promising business opportunities.
Bunge's acquisition includes Amrit Banaspati's manufacturing facility at Rajpura in Punjab, rights to its brands and trademarks, sales and distribution business and the transfer of employees pertaining to edible oils and fats business.
According to Mr Adhiraj Sarin, Managing Director, Bunge India, ‘Amrit', ‘Gagan' and ‘Ginni' brands, coupled with employees and a strong distribution network, open up opportunities for synergistic collaboration with Bunge India, creating incremental value for the combined operations.
On BSE, Amrit Banaspati traded up 4.74% to Rs 255 on 22nd December at 12:00 IST
