ADF Foods Limited (BSE: 519183; NSE: ADFFOODS), one of the leading players in the prepared ethnic food segment, via its Wholly Owned Subsidiary, ADF Foods UK Limited, has entered into an exclusive distribution agreement with Patanjali Ayurved Limited (Patanjali). This agreement entails the distribution of Patanjali consumer goods in the geographic regions of Western Europe and United Kingdom.
Patanjali is a rapidly growing Indian multinational consumer goods company based in Uttarakhand, India, that focuses on natural, herbal and ayurvedic products.
This development is in line with ADF's strategy to widen its product portfolio and offer a complementary range to retailers, thus leading to better market penetration. ADF already has a strong presence in the UK and European markets through its branded ethnic foods business.
Commenting on the development, Mr. Bimal Thakkar, Chairman, Managing Director & CEO, ADF Foods Limited said, "This alliance with Patanjali will offer significant opportunities to our Company to expand our product basket with our retailers. Leveraging our robust distribution network, we can funnel complementary product categories directly in stores thereby offering our consumers a wider range of products at their convenience. This will also enable us to further tap into the growing Indian diaspora market in Europe."
Shares of ADF Foods Limited was last trading in BSE at Rs. 829.65 as compared to the previous close of Rs. 825.45. The total number of shares traded during the day was 1647 in over 259 trades.
The stock hit an intraday high of Rs. 840.00 and intraday low of 805.15. The net turnover during the day was Rs. 1351183.00.