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Hindustan Foods acquires three manufacturing units of SSIPL Retail

Tuesday, 02 Apr 2024
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Hindustan Foods' wholly-owned subsidiary, KNS Shoetech has entered into a business transfer agreement (BTA) with SSIPL Retail (SSIPL). This agreement entails the acquisition of manufacturing units previously owned by SSIPL, located at Bangran and Bhagani in Himachal Pradesh, as well as Kundli in Haryana.

The total outlay for the transaction is more than Rs 100 crore, with the BTA amount of nearly Rs 77 crore. The acquisition of the sale business is expected to be completed by Q1/FY25.

The factories are advanced facilities and the team has experience in catering to the requirements of all the leading brands across multinational and domestic, in the country. The acquisition is an addition to the growth and expansion of KNS Shoetech and is in line with the company’s commitment to enhancing manufacturing capabilities and strengthening its presence in this sector. The facilities cater to key brands like Puma, Reebok, Asics, and others.

SSIPL has emerged as a pioneer in the sector, having started manufacturing sports shoes and sneakers in 1995.

Hindustan Foods is a key supplier of packaged consumer goods to FMCG companies like Hindustan Unilever, Marico and Danone. On the back of the Baddi acquisition and also this one, Hindustan Foods, it looks to meet the goal it has set for FY2025.

 
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