Sublime, a JV between FCEL and Bhandari Group, is engaged in the business of food and food based products including manufacture and distribution of processed food items.
Future Consumer Enterprise Ltd (FCEL), part of Kishore Biyani-led Future Group, has announced that is buying 51 per cent stake in Sublime Foods for an undisclosed amount.
The food and confectionery manufacturer has become a subsidiary of the company after this.
The company informed the BSE that “it has made investment by way of subscription to the equity shares of Sublime, in terms whereof equity shares aggregating to 51 per cent of the paid-up share capital of Sublime, have been allotted to the company".
However, Future Group has not disclosed the amount which it has spend to raise its stake.
"We consider that the processed and packaged food industry holds immense potential, and is poised towards growth," the company added.
Sublime, a JV between FCEL and Bhandari Group, is engaged in the business of food and food based products including manufacture and distribution of processed food items like specialty sauces, salad dressings, cooking pastes, spreads and dips.
It has a production facility in the company's India Food Park located in Tumkur Karnataka.