Lighthouse Funds acquired 12.5 percent in Bikaji Foods International
PE firm Lighthouse Funds has acquired 12.5 percent holdings in Bikaji Foods International. The deal was valued INR90 million, according to a company statement issued Wednesday. This brings the company’s value to around INR720 million, reported ET.
Bikaji would use the funds for a planned expansion as it seeks to produce and sell its products to industry outside North India. The company also looks at entering the ready-to-eat food market in the region. The planned funding was first reported on ET last March 19.
Bikaji Foods International is known for its products like namkeens, sweets, papad and bhujia.
The Indian Credit Rating Agency has measured the products of Bikaji as strong and gave ratings for the distribution network of the company in 2013. The agency said, "Financial health of the company also remains comfortable, as reflected in the relatively low gearing of the company, low working capital intensity of operations and healthy debt protection indicators."