Dusit Thani Public Co Ltd (DTC) plans to spend around Bt660 million to buy about 26 per cent NR Instant Produce Co Ltd (NRIP), a producer of ready to eat meals, seasoning powders, sauces and drinks.
DTC will establish Dusit Foods Co Ltd, a new subsidiary designed to leverage Dusit’s experience in food and beverage services, the company said.
The investment approval process would be completed at the end of March.
The investment forms part of DTC’s three-pronged strategy for sustainable and profitable growth. The investment in NRIP is considered DTC’s first outside the hotel business. It follows last year’s announcement of DTC’s investment in a mixed-use project in Bangkok, which will include a new Dusit Thani hotel at the heart of the project.
“With our expertise and experience in F&B, there is huge growth potential for our company in the food business,” said Suphajee Suthumpun, group chief executive of DTC. “With time, we hope to create a partnership with NRIP to develop a line of Dusit-branded, premium products for local and international consumer markets.”
The company reported 2017 revenue of Bt5.57 billion and a net profit of Bt267 million, rises of 2.7 per cent and 134 per cent, respectively, from the previous year.