ADF Foods Ltd to invest in Naansense Operating LLC

The Board of directors of ADF Foods Ltd has given its in-principle approval for making a strategic investment of USD 1 Million in a US based entity called Naansense Operating LLC and/or its affiliates engaged in the business of Ethnic Indian Food Quick Service Restaurants and Fast Casual Dining Restaurants.

The company will be one of the early investors in this venture which is being managed by an experienced team with a proven track record.

The said investment is in line with the Company's strategy to be a part of the supply chain of the fast growing Quick Serving Restaurants (QSR) and Fast Casual Dining Restaurants space.

It will also give the Company an insight on the food habits and trends of Indian food within the mainstream consumers in USA.

Naansense Operating LLC is engaged in the business of Ethnic Indian Street Food. The Promoters of the said entity have developed a concept of Quick Serving Restaurants (QSR) and Fast Casual Dining Restaurants under the banner of 'NAANSENSE'. They have opened their first outlet in Chicago recently.

Shares of ADF Foods Limited was last trading in BSE at Rs. 715.70 as compared to the previous close of Rs. 717.20. The total number of shares traded during the day was 590 in over 136 trades.

The stock hit an intraday high of Rs. 730.00 and intraday low of 712.10. The net turnover during the day was Rs. 424663.00.

Source : Equity Bulls

Keywords

ADFFoods INE982B01019 StrategicInvestment NaansenseOperatingLLC QSRs FastCasualDiningRestaurants