Cremica Food to raise funds for expansion.

Cremica Food Industries, known for products like mayonnaise, ketchups and Opera potato crisps, is looking to raise funds and ramp up its distribution nationwide.

The company is in talks with private equity players to raise about rS. 120 crore, said Akshay Bector, Chairman and Managing Director, Cremica Food Industries. 'We hope to complete it in the next two-three months.'

Fresh funds would allow the company to offer an exit option to its current investor, Motilal Oswal, besides expanding operations.

Cremica Food Industries was formed after the demerger of Mrs Bector’s Food Specialities. The CMD did not specify the amount of stake to be sold, but said it will be a minority stake.

'We are in an exciting phase of our business and early innovations have helped us gain leadership role in the mayonnaise, condiments and the food services business,' Bector said.

HBL