NHC Foods' arm plans $5.5 million Singapore firm acquisition

NHC Foods Ltd has proposed acquiring a 75 percent stake in Singapore-based DNR Ventures Pte Ltd for $5.5 million as the agricultural commodities trading and processing company looks to expand its international operations, the company said in a regulatory filing. The proposed acquisition will be made through NHC Foods' foreign step-down subsidiary, Conquer Enterprises Ltd, which has signed a non-binding letter of intent with DNR Ventures, the company said. The transaction is subject to due diligence, execution of definitive agreements, corporate approvals and regulatory and third-party consents. DNR Ventures Pte Ltd is a Singapore-registered exempt private company engaged in general wholesale trade and business activities. The proposed deal would give NHC Foods a controlling interest in DNR Ventures and expand its presence in Singapore, although the company did not disclose details of DNR Ventures' business, revenue or operations in the announcement. The acquisition is part of a broader overseas expansion strategy by NHC Foods. The company has also entered into binding Heads of Terms for a proposed manufacturing facility in Liberia, which it said would expand its international manufacturing capabilities. Satyam Shirishchandra Joshi, Managing Director, NHC Foods Limited, said that the company's focus will be on building meaningful synergies, leveraging the capabilities of both businesses and creating greater value from combined strengths. The company reported a 924 percent year-on-year increase in consolidated net profit to Rs 17 crore in the first quarter of FY27, according to the company. NHC Foods trades and processes agricultural commodities and is involved in sourcing, processing, manufacturing and distribution across domestic and international markets.