Mumbai, Oct. 15 -- The Hungarian operations of Global Green were established in 2006 following the acquisition of the erstwhile Intergarden N.V. and today serve more than 30 countries across Europe. The company is a key player in the production of sweet corn in cans, and gherkins, silver skin onions, peas and sour cherries in jars, with 2 manufacturing sites spread across 45 acres of land in Hungary. It reports an annual turnover of €40 million.

The acquisition will be executed through LT Foods Europe Holdings, a wholly-owned step-down subsidiary of LT Foods. Under the agreement, LT Foods will pay €6 million at closing for 100% equity shareholding, with the remaining €1.8 million payable over the next 2 years through ea...