MTR hires Rothschild to find partner

MTR Foods, a Rs 135 crore (Rs 1.35 billion) packaged foods company, has appointed Rothschild, the UK-based international investment bank, to find a partner to expand its business in the domestic as well as international markets.

The company has been growing rapidly over the last few months and is now looking at expanding its business in the US, the UK, Australia and South East Asia.

"We are present in almost all parts of the country. But, we want to grow internationally and there is a good demand for Indian ready-to-eat food products in the US and Europe, where a lot of Indians are settled. So, to expand our business, we need a partner who not only brings additional capital but also has a significant presence in all these countries," said
Sadananda Maiya, managing director, MTR.

However, Maiya said the company has not made any estimate as to how much money it requires to expand overseas and how much it is ready to divest to the new partner.

"We are yet to finalise the details of the exact amount required for our expansion. We are also ascertaining from our existing investors, JP Morgan Chase and Aquarius, if they want to exit from MTR. We have asked Rothschild to submit the names of possible candidates by September 25.

Depending on the strengths of the companies, we may or may not accept their proposals," he added.

Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group