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Mexican breadmaker Grupo Bimbo said on Thursday it has entered the Indian market through a joint venture to acquire 65 percent of shares in Indian's Ready Roti India Private Limited.
The Mexican company, which moved into the African market last month with the purchase of Morocco-based Adghal, did not disclose the cost of the deal.
The CEO of Bimbo, Daniel Sertvije, indicated that with this operation, they enter a new market, fortifying their presence in emerging markets and expanding the company's operations in 24 countries of 4 continents.
In April, Bimbo said it plans to grow in China in the short term with acquisitions, while also expanding in the rest of Asia and entering Middle Eastern markets.
Ready Roti was established in 1993, being the leader breadmaker company in Nueva Delhi and surrounding suburbs, producing mainly packaged bread, pizza dough, and salty and sweet pastries.
Currently, it generates annual sales of USD$48 million and has 4 factories, as well as more than 500 commercial partners.
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