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May, 26 2017

Harvest Gold sells majority stake to Mexico's Grupo Bimbo

The deal, which values Harvest Gold at around Rs 340 crore ($50 million), will give Grupo Bimbo a 65% stake in the company

Mexico’s largest food and bakery company, Grupo Bimbo has entered into the Indian market with the acquisition of a controlling stake in India’s bread and bakery products maker, Harvest Gold.

The deal, which values Harvest Gold at around Rs 340 crore ($50 million), will give Grupo Bimbo a 65% stake in the company. This is the first instance of a global company buying a controlling stake in an Indian bread and bakery manufacturer.

Harvest Gold Industries operates various brands under various entities such as Ready Roti India, Food Magic India, Rhodanthe Foods and Mindscape One Marketing.

As per the sources, "The Mexican group wants to expand its base in Asia, and as India offers a huge opportunity, the group has decided to grow inorganically here."

Group Bimbo also has an arrangement to acquire more stake in the company going forward, said another source.

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