India's ITC to bid for UK's Patak's brand - report

MUMBAI, March 15 (Reuters) - India's ITC Ltd.'s (ITC.BO) foods unit is likely to bid for Britain's Patak's, valued at about 200 million pounds ($387 million), the Economic Times newspaper said on Thursday.

Patak's, a 50-year-old family-owned company, makes a range of ready-to-eat Indian foods, cooking sauces, snacks, spices and pickles, and also supplies to shops and restaurants worldwide.

Heinz (HNZ.N), which already has a partnership with Patak's, could also be interested, the paper said, citing unnamed sources.

ITC, India's top cigarette maker with interests also in hotels, paperboard, retail and information technology, has been approached by Patak's banker, NM Rothschild, the newspaper said.

ITC is seen as "exactly the type of company that could be interested in talking to Patak's", the paper said, citing people close to the founding Pathak family.

The paper said ITC Foods' chief executive, Ravi Naware, declined comment.

ITC, which derives more than half its revenue from cigarettes, is keen to strengthen its food portfolio. It sells ready-to-eat foods, confectionery, biscuits and snacks. ($1=.5169 Pound)