NEW DELHI: Snacks manufacturer Bikaji Foods International on Friday said it has acquired majority stake in Ujjain-based Ariba Foods, which specialises in snacks and frozen foods.

Bikaji Foods International has acquired a 55 per cent equity stake inthe company totalling Rs 60.49 crore, which will help Bikaji to enhance its frozen food production capabilities and expand its market presence, according to a joint statement.

"This strategic move not only strengthens our capacity for export growth but also supports our entry into the Quick Service Restaurant (QSR) segment. By integrating Ariba's state-of-the-art production capabilities, we aim to enhance our frozen snacks and savouries manufacturing," Managing Director Deepak Agarwal said.

In the last few years, consumption of frozen foods has increased and the sector has witnessed rapid growth driven by technological advancements.

"With our advanced production facilities and export expertise, we are well-positioned to meet Bikaji's production needs," Gaurav Baheti, Promoter of Ariba Foods, said.

For the 2023-24, Bikaji Foods International's revenue was at Rs 2,294.71 crore.