Gautam Adani’s Adani Wilmar is now hunting for local and global acquisition targets as the Asia’s richest man doubles down on boosting his conglomerate’s food operations weeks after Reliance Industries Ltd. announced plans to roll out a consumer goods business, Bloomberg reported on Thursday.


“We are looking at acquiring brands in staple foods and distribution companies to boost our consumer goods offering and reach,” Angshu Mallick, chief executive officer and managing director at Adani Wilmar, said in an interview Wednesday. “We are expecting to conclude a couple of acquisitions by March,” Mallick added.


According to the report, Adani Wilmar has earmarked Rs 500 crore ($62.9 million) from its initial public offering (IPO) for purchases, Mallick said, while adding that more funding will come from internal accruals and the Rs 3,000 crore of planned capital expenditure for next year starting April.


Adani Wilmar’s shares have more than tripled since its $486 million debut in February.


The two leading Indian conglomerates – Adani Group and billionaire Mukesh Ambani's Reliance Industries – are trying to grab a share of the country’s food production industry which is pegged at $400 billion, according to the UN's Food and Agriculture Organization.


Recently, Adani Wilmar acquired several brands, including the Kohinoor cooking brand from McCormick Switzerland for an undisclosed amount. The acquisition gave Adani Wilmar exclusive rights over Kohinoor’s basmati rice and ready-to-cook, ready-to-eat curries, and meals in India.


Adani Group has been on a tear buying some 32 firms in the past year, valued at about $17 billion, many outside its core coal- and infrastructure-related businesses.


Reliance Retail Ltd., a subsidiary of Reliance Industries, announced its foray into the fast-moving consumer goods, or FMCG, business in August, with the aim of developing and delivering high quality products at affordable prices.


Mallick said, “Going forward, companies have to provide quality of products, value for money, and robust distribution network.” He also added his company is witnessing growth of 50 per cent in e-commerce distribution through Amazon and Flipkart.