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Chennai, Feb 27: CavinKare has entered the fruit drink segment by acquiring 100% of the fully paid-up equity share capital of MAA Fruits for Rs 30 crore. The acquisition will be funded through internal accruals.
MAA's portfolio includes mango, pineapple, apple and pink guava and it is present in 250, 500 and 1,000 ml PET bottles and 200 ml tetrapack configuration and is largely sold in bakeries and juice shops in temple towns like Sabarimala and Tirupati. “We would like to capitalise on MAA’s distribution strength. This will help us in boosting sale of other products in the CavinKare portfolio,” said CK Ranganathan, chairman and managing director, CavinKare. The company plans to invest Rs 10 crore in branding, advertising and upgradation of packaging of MAA Fruits. CavinKare also plans to introduce new extensions in MAA and expand the geographic reach beyond south India. “We are looking at introducing new variants like orange which are popular,” said Ranganathan.
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