Mumbai JM Financial-backed Zoff Foods is considering selling minority stake to raise capital for its growth. In this deal, the valuation of this spice and seasoning manufacturing company can exceed Rs 1,000 crore.
This deal has recently started, and negotiations are still in the early stages. Details regarding the amount of capital to be raised and valuation will become clear over time. These people, who did not wish to be named, said the company has appointed EY as its financial advisor and the deal could involve a substantial minority stake.
He said that the Raipur-based company will approach private equity (PE) firms as well as strategic investors like ITC, Emami and Orkla India for the funding round.