Nissin Foods, a Japanese food and instant noodles manufacturer, is looking at options to acquire Capital Foods, an Indian-based processed foods and ingredients firm.
Capital Foods is 40% owned by investment firm Future Ventures, while the remaining stake is held by the company's founder, chairman and managing director Ajaay Gupta.
The company produces instant noodles, soups, condiments, curry pastes and frozen entrees under the Ching's Secret brand and specialty sauces and baked beans under Smith & Jones brand.
Nissin Foods, which already has a presence in India through its wholly-owned subsidiary Indo-Nissin Foods, is currently holding a detailed financial and business review of Capital Foods' operations, according to sources familiar with the matter.
Capital Foods is estimated to have an enterprise value of INR5bn (€60m) - INR6bn (€72m). For the fiscal 2013, the company reported revenues of INR1.45bn (€17.18m) and an EBITDA of INR160m (€1.89m).
