New Delhi, March 24 -- VRB Consumer Products Pvt., the maker of Veeba-branded sauces and condiments, has begun preparations for an initial public offering that could raise as much as $200 million, according to people familiar with the matter.

The company, formerly known as Veeba Food Services Pvt., has hired Axis Capital Ltd., Motilal Oswal Investment Advisors Ltd. and Jefferies Financial Group Inc. to advise on the share sale, the people said, asking not to be identified because the discussions are private.

The offering is expected to include a combination of new share issuance and a sale of existing stock by investors, and could take place this year, the people said. Deliberations are ongoing and details including the size of the offe...