Temptation Foods, a Mumbai-based fruit and vegetables export company, has acquired 100 per cent stake in Karen's Gourmet Kitchen (KGK), a foods brand managed by leading food critic, Karen Anand.
Last month, Temptation Foods had picked up 26 per cent stake in KGK, which manufactures and markets sauces, jams and salad dressings.
Raj Halve, CEO of Temptation Foods was not available for comment.
Confirming the development, sources said the complete buyout would enable Temptation to position itself in the premium cooking aids market.
"The acquisition will help Temptation to enter into high-end branded processed food products," they added.
During the stake acquisition in April, Halve had said that KGK would help the company increase its presence in the branded foods segment.
Temptation Foods has just launched frozen chopped vegetables under its own brands, Delika and Temptation, which would cater to different price segments.
The acquisition would be a good fit for Temptation Foods as it is predominantly present in the frozen fruits and vegetables business. Frozen marine exports are expected to complement the company's existing portfolio, said industry analysts.
Temptation Foods is said to be in talks with fast moving consumer goods major, Hindustan Unilever, to acquire its shrimp foods and marine business. HUL has already received shareholders' approval to dispose of the business.
Vineet Kumar, chief investor, Temptation Foods, had earlier told Business Standard that in addition to tapping newer markets for exports, the company would work at strengthening and consolidating its foods portfolio in India over the next year.
Acquisitions, he said, will be an important part of the company's domestic strategy, and the prime targets would be niche and undervalued food brands.