Ltd., the kitchen essentials firm owned by Gautam Adani, is scouting for local and overseas targets as Asia’s richest man doubles down on boosting his empire’s food operations weeks after Reliance Industries Ltd. announced plans to launch a business.

“We are looking at acquiring brands in staple foods and distribution to boost our offering and reach,” Angshu Mallick, chief executive officer and managing director at Adani Wilmar, said in an interview Wednesday. “We are expecting to conclude a couple of acquisitions by March.”

The company has earmarked 5 billion rupees ($62.9 million) from its initial public offering for purchases, Mallick said. Additional funding will come from internal accruals and the 30 billion rupees of planned capital expenditure for next year starting April, he said. The food company’s shares have more than tripled since its $486 million debut in February.

Sees Two Milestones Since February Listing: Chart

Conglomerates such as Adani Group and billionaire Mukesh Ambani’s Reliance Industries are trying to grab a share of India’s food production industry which is pegged at $400 billion, according to the UN’s Food and Agriculture Organization.

recently acquired several brands, including the Kohinoor cooking brand from McCormick Switzerland for an undisclosed amount. The gave Adani Wilmar exclusive rights over Kohinoor’s basmati rice and ready-to-cook, ready-to-eat curries and meals in India. The Adani Group Has been on a tear buying some 32 in the past year, valued at about $17 billion, many outside its core coal- and infrastructure-related businesses.

Reliance Retail Ltd., a subsidiary of Reliance Industries, announced its foray into the fast-moving consumer goods, or FMCG, business in August, with the aim of developing and delivering high quality products at affordable prices.

“Going forward, have to provide quality of products, value for money and robust distribution network,” Mallick said, adding his company is witnessing 50% growth in e-commerce distribution via Amazon and Flipkart.

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