The Economic Times

March 30, 2005

Avesthagen buys Good Earth Foods


Avesthagen, Bangalore-based integrated biotech company, has acquired Good Earth Foods to form a wholly owned subsidiary -- Avesta Good Earth Foods.
Good Earth Foods specialises in breakfast cereals and biscuits and is owned by film actress Waheeda Rehman and her partner Ashraff Sattar. Both the companies declined to disclose the financial details. The acquisition is part of Avesthagen's long term strategy to launch its branded nutraceuticals as functional foods.
"The acquisition also marks the foray of Avesthagen into FMCG segment and is my belief that an integrated biotech company such as ours should take the challenge of marketing our own products in order to grow in current market conditions. It is our long term goal to consolidate the company as a national brand", said  Dr.Villoo Morawala Patell, Avesthagen's founder and CEO.