Bikaji Foods to acquire The Hazelnut Factory; will the stock hit record high today? Check the details you need to know

"Bikaji Foods Retail Ltd (BFRL), a wholly-owned subsidiary, will make a strategic investment of ₹131.01 crore for an acquisition of a 53.02 per cent stake in The Hazelnut Factory (THF)," Bikaji Foods International said in a statement.

"This acquisition marks a significant step in Bikaji's journey to expand beyond traditional ethnic snacks and enter the retail QSR, premium artisanal sweets, and bakery segments," Bikaji Foods International Managing Director Deepak Agarwal said.

Agarwal further said, "This strategic move not only marks our entry into the high-growth QSR sector but also aligns with our vision to build a 'House of Brands'. By integrating THF's premium offerings and Bikaji's manufacturing capabilities, we aim to cater to unique customer tastes and preferences, establishing Bikaji as a key player in the QSR space."

The company further said that the turnover of The Hazelnut Factory Food Products stands at ₹44.85 crore for the financial year ended on March 31, 2024.

After acquisition, The Hazelnut Factory will become a related party of BFIL and BFRL under Section 188 of the Companies Act, 2013 and Regulation 23 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Hazelnut Factory is a company engaged in the business of manufacturing, distribution, and sale of a diverse range of food products and beverage items like bakery and patisserie items, artisan sweets, savouries and snacks etc., through its cafés located in Uttar Pradesh and Delhi, as well as through its website and various food aggregator.  platforms. It was incorporated on December 19, 2019, the company's press release added.