| Biotech firm Avesthagen has acquired health food
company Good Earth Foods for an undisclosed sum.
Good Earth Foods was the brainchild of actress Waheeda
Rehman and her partner Ashraffa Sattar.The New company,
which is a wholly owned subsidiary of Avesthaegn, will be
called Avesta Good Earth Foods. |
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| Avesthagen CEO Dr.Villoo Morawala Patell said the acqusition
is part of Avesthagen's long term strategy to launch its
branded nutraceuticals as functional foods." We want to
target the burgeoning health foods market in India,"
Patell said. |
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| "The acqusition of Good Earth Foods marks our foray
into FMCG market. Our long-term goal is to consolidate the
company as a national brand and launch many more products
that complement the range", she said. |
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| Avesta Good Earth Foods
will initially enter the market with cereals, energy bars, slim
bars and biscuits. |
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| Soon after she was married, Waheeda Rehman left
Mumbai and moved to a farm in Bangalore. There she started Good Earth Foods
and launched a brand called Farm House Cereal.
The company soon attained an impressive turnover.
Avesthagen did not miss out on the growing prowess of the
company and cashed in, as it felt that there were
sufficient synergies between the two firms. |