As a part of its growth strategy in India and Africa, Frutarom Industries Ltd, the Israel-based flavours and specialty fine ingredients company, has acquired 60 percent stake in the Bangalore-based flavours and fragrances company Sonarome Private Ltd for a cash payment of $ 17.2 million (for about Rs 109 crore) - reflecting a company value of $ 28.6 million. The purchase agreement includes an option for Frutarom to acquire the remaining balance of shares starting two years from now at a price conditional on the company's business performance. Sonarome, which was founded in 1981, engages in the development, production and marketing of flavours and fragrances. Sales for Sonarome have grown quickly in recent years at a double-digit annual rate, reaching $ 12 million in 2014. Sonarome's manufacturing, marketing, and research and development are based in Bangalore, where it has additional production capacity.