FMI is in talks to acquire a distressed food processing unit in the state of Punjab, India for US —
$3 million. The deal may be sealed by the end of November, 2018, post completion of the ongoing due diligence.
FMI may initially quote on the pink sheet segment of the OTC Markets and may later file a registration statement. The company will begin the process of listing early next week and may complete it’s listing in the 6-8 weeks of time frame.
FMI is currently looking to finance the cost of acquisition and working capital required to scale up its business and is in touch with few of the large sized private investors.
FMI is currently looking up to raise $21.21 million to finance its venture and is also open to raise convertible debt.
The placement of equity shares may begin in the first week of October, 2018 and shall be completed in 30-45 days.
“India is one of the fastest growing economies of the world. India is no longer a conservative market, people now tend to consume quality products processed in the hygenic plants. The
middle class is now spending more and more due to higher disposable income. Imagine the food requirements of 1.3 billion people,” said Michel Knockeart, Founder and CEO of FMI.
The food processing business is currently one of the fastest growing sector in India and with the special incentives offered by the Indian government
FMI aims to processes food products like Yoghurt, Frozen Vegetables and Fruits, Stuffed Parantha (a form of Indian bread), Spices and Herbs and other frozen snacks like Samosas, Veg Wrap, Mini Pizza and Frozen French Fries.
Name: Narender Sharma
Email: Send Email
Organization: Foods Matrix Inc. (FMI)
Address: Village Badinpur, P.O. Mandi Gobindgarh-147301 Teh. Amloh, Distt. Fategarh Sahib(Punjab) India
Release ID: 414659