| Avesthagen, Bangalore-based integrated biotech
company, has acquired Good Earth Foods to form a wholly
owned subsidiary -- Avesta Good Earth Foods. |
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| Good Earth Foods specialises in breakfast cereals and
biscuits and is owned by film actress Waheeda Rehman and
her partner Ashraff Sattar. Both the companies declined to
disclose the financial details. |
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| The acqusition is part of Avesthagen's long term
strategy to launch its branded nutraceuticals as
functional foods targeting the burgeoning health foods
market in India, said Dr Villo Morawala Patell, founder
and CEO, Avesthagen. |
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| "The acqusition also marks the foray of Avesthagen
into FMCG segment and is my belief that an integrated
biotech company such as ours should take the challenge of
marketing our own products", she added. |
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| As a result of the acqusition, Avesta Good Earth Foods
will enter the market with cereals, energy bars, slim
bars, biscuits under the health foods segment. |
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| Good Earth Foods started as small scale unit in 1989
mainly concentrated in making cereals and biscuits from
its factory in Bangalore and has marketing presence in
major markets in India and is expected to give Avesthagen
the much required boost to enter the Indian market. |