IFAD Autos to acquire 40% of IFAD Multi Products at Tk 80 crore

The board of directors of IFAD Autos has decided to invest Tk 80 crore to acquire 40 per cent shares of IFAD Multi Products Ltd.

The fund would be financed from the company's own fund, the company said in the disclosure that was posted in the Dhaka Stock Exchange website.

IFAD Multi Products is one of the sister concerns of IFAD Group having a common management.

The acquire would be implemented after taking permission from general shareholders.

IFAD Multi Products, instituted in 2003, is a consumer food producer in Bangladesh. It began its journey by erecting an automated flour mill.

The company also established itself as the supplier of salt of both consumer and industrial grade.

Currently the company is also a major manufacturer and supplier of instant noodles, stick noodles, a varied range of biscuits and cookies, packaged whole spices and bottled drinking water extracted from local aquifers.