American food major General Mills has acquired Indian ready-to-cook spice and sauce mixes manufacturer Parampara for reportedly INR650m ($12.18m).
The Indian company's promoters Chillal family had received the amount as consideration for the brands, which include Parampara, StarterZ and Curry Tree, reported Vccircle.com, citing sources familiar with the matter.
The transaction resulted in the addition of Parampara's products to General Mills' increasing range of consumer products in India, including Pillsbury Fresh & Multi Grain Atta and dessert mixes, Betty Crocker dessert mixes, Green Giant vegetables, Nature Valley granola bars and Häagen-Dazs super-premium ice cream.
Parampara markets spice and sauce mixes primarily in the Pune region of western India and also exports to countries such as the US, Canada and Japan.
General Mills believes that the new acquisition of Parampara fortifies its ability to bring home-cooked meals to the family table and enable its continued growth.
General Mills India vice president, executive director Vijay Sood said that Parampara's ready-to-cook spice and sauce mixes offer simple meal solutions and traditional Indian flavors to cooking around the world.
"We want to expand on Parampara's potential to bring convenient meal solutions for our consumers across India and around the world," Sood added.
General Mills India operates an export and Bakeries & Foodservice arm.
Headquartered in Minneapolis, Minnesota, General Mills is one of the major food companies, operating in over 100 countries.
Its consumer brands include Cheerios, Häagen-Dazs, Nature Valley, Yoplait, Betty Crocker, Pillsbury, Green Giant, Progresso and Old El Paso.
In February 2012, the US food company acquired Food Should Taste Good, a natural snack foods company based in Needham, Massachusetts.
Food Should Taste Good will become part of Small Planet Foods, General Mills' natural and organic products business.
