New Delhi: Dairy ingredients firm Ace International Ltd on Thursday said it has raised USD 35 million (Rs 305 crore) from investors to expand business. In a statement, the company said it has raised the amount from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), responsAbility, Incofin, and Fiedlin Ventures.
The fund will be used to set up dairy ingredients and nutrition facility at Kuppam, Andhra Pradesh.Ace International is a food ingredient player. It makes multiple products of nutraceuticals, infant and sports nutrition, medical foods, beverages, and confectionery.
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