The kitchen essentials company Gautam Adani owns, Adani Wilmar Ltd., is looking for domestic and international acquisition targets as Asia’s richest man doubles down on expanding his empire’s food operations

Adani Wilmar's CEO and Managing Director Angshu Malik said in an interview on Wednesday, “We are looking to enhance our consumer goods offerings and reach through Key Foods and Distribution. The companies are looking to acquire a brand.

According to Mallick, the company set aside 5 billion rupees ($62.9 million) from its initial public offering for purchases.

He said Internal accruals and the 30 billion rupees in planned capital expenditures for the following year, beginning in April, will provide additional funding

He said Since the company’s $486 million launch in February, the share price of the food company has more than tripled.

According to the UN’s Food and Agriculture Organization, the food production business in India is estimated to be worth $400 billion.

Adani Wilmar recently purchased a number of brands from McCormick Switzerland, including the Kohinoor culinary brand.

The Adani Group has been on a buying spree, acquiring 32 businesses worth nearly $17 billion over the course of the last year, many of which are outside of its primary coal and infrastructure-related industries.