The Hindu

March 30, 2005

Waheeda Rehman sells food firm to Avesthagen


By Our Special Correspondent

BANGALORE, MARCH 29. Noted actress of yesteryear Waheeda Rehman and her partner Ashraffa Sattar have sold off the health foods firm Good Earth Foods Pvt. Ltd. that specialises in breakfast cereals and biscuits to Avestha Gengraine Technologies Pvt. Ltd. (Avesthagen).

Both the Bangalore-based entities have, however, declined to reveal the transaction value. "Following a request from Waheeda Rehman, we have decided not to disclose the value of the deal," officials having knowledge of the deal said.

Avesthagen, a fully integrated biotechnology and bioinformatics firm, has set up a wholly-owned subsidiary christened Avesta Good Earth Foods Pvt. Ltd. to promote the products.

The acquisition is part of Avesthagen's long-term strategy to launch its branded nutraceuticals as functional foods targeting the burgeoning health foods market.

"The acquisition of Good Earth Foods marks Avesthagen's foray into the health foods and FMCG marketing segment," Villoo Morawala Patell, Founder and Chief Executive Officer, Avesthagen, said.

Ms. Waheeda said she was happy that "an international and well established company such as Avesthagen has decided to acquire and further grow Good Earth Foods."