Future Consumer to buy majority stake in MNS Foods

New Delhi: Kishore Biyani-led Future Consumer Enterprise on Saturday announced it will acquire majority stake in confectionery firm MNS Foods and exit from non-core beauty and wellness business.

"The Board of Directors of the company at its meeting has considered and approved discontinuance of the non-core business activity of beauty and wellness undertaken by its wholly-owned subsidiary Star and Sitara Wellness," Future Consumer Enterprise said in a BSE filing.

The company also said that its Board has approved "to make investment in MNS Foods Private by way of subscription to equity shares constituting 51 percent of the paid-up share capital of MNS Foods."

MNS Foods sells wafer cream biscuits, chocolate enrobed wafer biscuits and confectioneries, Future Consumer said.

Future Consumer calls itself a sourcing-to-supermarket food company. Its various businesses include agri-sourcing, building food infrastructure, manufacturing, food and FMCG brands and retail and distribution.