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Dec, 15 2014

Innovative Foods to raise Rs 50-60 crore funding

Innovative Foods which is owned by India Equity Partners (IEP) may also look for additional equity or raise the funding through another investor through a share sale, said a top official.

Innovative Foods Ltd (IFL), which owns the Sumeru brand is planning to raise Rs 50-60 crore, according to a PTI report.

The group which is known for making frozen fries, sausages, paranthas and prawns will use the fund for brand development; retail expansion and technology upgrade to rapidly grow the frozen foods arm.

Innovative Foods which is owned by India Equity Partners (IEP) may also look for additional equity or raise the funding through another investor through a share sale, said a top official.

The brand supplies the frozen food to restaurant chains like Domino's, Dunkin Donuts, Cafe Coffee Day, McDonald's and Subway.

"The business plan is with IEP and it is being considered whether to bring in additional equity or to raise the money through another investor through a share sale," Kannan Sitaram, CEO, IFL and Operating Partner at IEP told PTI.

Sumeru is the third largest frozen foods brand in the country after McCain and Godrej Tyson Foods' Yummiez.
 

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