Nestlé S.A. (SWX:NESN), The Kraft Heinz Company (NasdaqGS:KHC), Hindustan Unilever Limited (BSE:500696), Tata Sons Private Limited, ITC Limited (NSEI:ITC), Orkla ASA (OB:ORK) and Nissin Foods Holdings Co.,Ltd. (TSE:2897) are among the contenders for an estimated $1 billion plus buyout of Capital Foods Private Limited, the maker of condiments, food products and ingredients under the Ching's Secret and Smith & Jones brands, said people with knowledge of the matter. Capital Food's three main shareholders decided to put the company up for sale late last year. The three are Invus Group, a European family office and investment arm, with a 40% stake, US private equity group General Atlantic (35%) and Ajay Gupta (25%), founder chairman of Capital Foods and a former advertising boss turned food entrepreneur.

ET was the first to report on the sale plan November 14, 2022. Nestle SA, the world's biggest food group, is competing with the Tata Group, ITC, Hindustan Unilever Ltd, Japanese instant noodle multinational Nissin Foods, Norway's Orkla and the Kraft Heinz Co, in a keenly contested race that has picked up momentum in the last few weeks, said at least six people directly involved with the matter. Orkla owns the packaged foods business of MTR and Eastern Condiments.

Several likely buyers have held meetings with the management already and others are underway before non-binding bids are made early May.