Hindustan Foods Limited (HFL), a diversified FMCG contract manufacturer, announced the acquisition of KNS Shoetech Private Limited (KNS Shoetech).
According to the company’s exchange filing, “With regard to the captioned matter and in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), as amended, please be informed that Hindustan Foods Limited (“HFL” or “the Company”) has executed a Share Purchase Agreement (“SPA”) on October 23, 2023 with KNS Shoetech Private Limited (“KNS Shoetech”) to acquire 100% Share Capital of KNS Shoetech Private Limited.”
“The acquisition of the Shares of KNS Shoetech is in line with the Company’s strategy to enter into Contract Manufacturing and expansion of its business into Sports Shoes. This acquisition will kickstart HFL’s journey in this industry and Company is looking forward to strengthening its position in the future by additional capex and expansion. India is one of the largest markets for sports shoes in the Asia-Pacific region. The industry comprises both domestic and international players, with brands like Nike, Adidas, Puma, Reebok, and domestic brands like Bata and Lakhani, among others,” according to the company’s statement.
Incorporated on May 31, 2022, KNS Shoetech Private Limited is a Private Limited Company engaged in the business of manufacturing the entire portfolio of sports shoes and sneakers.
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