NHC Foods Limited plans to expand its international operations through the proposed acquisition of a 75% equity stake in Singapore-based DNR Ventures Pte Ltd for $5.5 million.
The company’s foreign step-down subsidiary, Conquer Enterprises Limited, has signed a non-binding letter of intent for the transaction, which would give NHC Foods a controlling interest in DNR Ventures.
The proposed acquisition is subject to satisfactory due diligence, execution of definitive transaction documents, corporate approvals and the necessary regulatory and third-party consents.
NHC Foods Managing Director Satyam Shirishchandra Joshi said the proposed transaction would strengthen the company’s growth plans by enabling it to leverage the capabilities of both businesses and generate operational synergies.
The company is also pursuing international manufacturing expansion. It has entered into a binding Heads of Terms for a proposed manufacturing facility in Liberia, West Africa, aimed at strengthening its manufacturing capabilities and expanding its reach into new markets.
The proposed Singapore acquisition and Liberia facility form part of NHC Foods’ broader strategy to expand its international presence and pursue long-term business growth.