Elitecon International Unveils Ambitious Growth Strategy: QIP, FMCG Acquisition, and Board Restructuring
Elitecon International Limited has approved several strategic initiatives. The company plans to raise ₹300 crore through a QIP and invest ₹350 crore to acquire Ashicore International Private Limited in the FMCG sector. Two new Non-Executive Independent Additional Directors, Mr. Susanta Kumar Panda and Mr. Venkata Ramesh Penumaka, have been appointed to the board. The company also plans to shift its registered office from Delhi to Maharashtra and has scheduled an EGM for August 29, 2025, to seek shareholder approval for these initiatives.
10Jul 25
Elitecon International Acquires UAE's Prime Place Spices Trading for ₹700 Crore
Elitecon International has acquired Prime Place Spices Trading L.L.C, a UAE-based company, for ₹700 crore. This strategic move aims to expand Elitecon's global presence, particularly in the Middle East, and strengthen its position in the spice trading industry. The acquisition is expected to diversify Elitecon's product portfolio and provide access to new markets. This significant investment demonstrates Elitecon's commitment to growth in the international FMCG sector.
04Jul 25
Elitecon International Unveils Ambitious Expansion and Fundraising Plans
Elitecon International has unveiled plans to explore foreign business acquisitions to expand its global presence. The company is considering raising up to 3.00 billion rupees through a Qualified Institutional Placement (QIP). Additionally, Elitecon is evaluating the possibility of a preferential equity share offering as an alternative or complementary fundraising method.