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Report: Owners of Indian spice company Eastern Condiments seek PE buyer

The Meeran family plans to sell a roughly 74% controlling stake in Indian spice business Eastern Condiments Pvt Ltd., India's The Economic Times reported, citing people aware of the development.

Feelers were sent out to unnamed private equity firms by boutique advisory Avendus Capital Pvt. Ltd., which is representing the Meeran family on the planned stake sale. McCormick & Co. Inc., which owns the other 26% stake, also plans to sell its holding, the report said.

One source reportedly said the company could be valued at 18.00 billion Indian rupees to 20.00 billion rupees.

A sales process reportedly will be officially started in a week. Eastern Condiments has a 70% share of the Kerala spice market and has a footprint across India. Exports account for about 25% of the company's revenue, the report said.

Eastern Condiments Chairman Navas Meeran did not respond to queries, while a McCormick spokesperson did not comment, according to the publication.

As of Sept. 19, US$1 was equivalent to about 71.32 Indian rupees.