ITC Ltd is expected to bid for Britain’s Patak’s, valued at about $387 million. ITC is not only the biggest cigarette manufacturer in India, but is also a big player in hospitality industry, retail, and information technology.
Patak’s manufactures ready-to-eat Indian foods, spices and pickles, snacks, cooking sauces, spices and pickles. Sources say that Heinz has also shown interest in buying Patak’s. Heinz is also a partner of Patak’s.