Saudi dairy giant Almarai Co. Has, through its subsidiary Western Bakeries Co., acquired 25 percent of Modern Food Industries, becoming the full owner of the Indian company.
Almarai will inject an additional $67 million into the company.
Through this acquisition, Almaria will gain a stronger position in the food sector in the region and support Saudi Vision 2030, local content, and food security.
Modern Food Industries, established in 1965, according to its website has portfolio with superior products such as Milk Plus bread enriched with calcium Hi-Fibre Brown bread reinforced with premium wheat fiber 100% Whole-Wheat bread and new innovations such as Multigrain Superseed Bread which not only has superseded sprinkles on top but even the flour is made of seven grains and contains Omega 3.
The company was formerly owned by Everstone Group is a Singapore-based, India-focused private equity firm based in Mumbai.
Saudi dairy giant Almarai takes full control of Modern Food Industries
