January 27/Karachi, Pakistan/South Asian Media Network -- Engro Corporation Ltd. has signed an agreement with U.S.-based company Al Safa Halal to purchase its halal food business. According to information released by the company, this acquisition is subject to obtaining requisite regulatory approvals and closing of the agreement with the sellers.
Al Safa Halal is based in the U.S. and Canada and deals in supplying a variety of packaged halal foods across North America. Engro Corp will set up the company's based in the U.S. and Canada to acquire and operate the business. It is expected that the cost of acquisition of the business, inventories, and brand-building would initially be in the range of $10-15 million.
From the February 7, 2011, Prepared Foods E-dition