Mumbai-based fruit-and-vegetables export company Temptation Foods (TFL) has acquired the marine foods business of FMCG major Hindustan Unilever (HUL) for an undisclosed sum. The business, which includes manufacturing facilities, is said to be worth approximately Rs 250 crore.
The deal gives the Rs 39-crore Temptation Foods direct access to HUL’s customers across the world. HUL has considerable presence in Europe, Japan and the United States. As part of its strategy to shed all non-core businesses, HUL had earlier sold its seafood processing plant in Andhra Pradesh and shut down operations in Gujarat. Recently, Temptation Foods had acquired 100 per cent stake in Karen’s Gourmet Kitchen (KGK), a foods brand managed by Karen Anand.
HUL’s exported marine products include surimi crabsticks, crab chunks, fish fillets, octopuses and squids. Manufacturing facilities are established in Chorwad in Gujarat, and Kuthiathode and Aroor in Kerala.
The estimated size of the domestic marine foods market is $2.5 billion.