Temptation Foods Mulls To Mop Up $200 Mn

Temptation Foods (TFL) is looking at mobilizing $200 million by March 2008 to fund its acquisition spree and expansion. The a leading frozen food exporting company is looking at the top slot in the segment, TFL is likely to deploy these funds for acquisitions of brands and on expanding in the domestic market. The company had in 2007 raised through a Qualified Institutional Placement (QIP) $30 million, which was part utilised for acquiring Everfresh, the food processing unit of Chambal Fertilisers and Chemicals (CFCL) and recently a marine export business in South for undisclosed sum. With the acquisition of the southern firm, TFL could add Rs 350-400 crore in revenues through marine exports alone in a full year of operation, said the source. TFL is also in close talks with a couple of companies in the frozen food sector for acquisition.