The Pathak family has sold its Indian food business.
It has been snapped up by Associated British Foods, which will be taking on the firm's business and brand - except for its operations in India.
Patak's is based in Leigh and is thought to supply about 75 per cent of the UK's Indian restaurants.
It was set up by the Pathak family in 1957 and sells cooking sauces, curry pastes, chutneys and pickles in more than 40 countries.
Patak's also makes own-brand products for supermarket chains including Tesco.
The size of the deal with Associated British Foods was not disclosed, but it is believed the Patak's business is worth around £200 million.
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ABF, which also owns the Littlewoods, Primark, Ryvita and Twinings brands, plans to combine the Patak's brand with its existing world foods operation, which includes the oriental Blue Dragon line.
Kirit Pathak will assume the role of chairman of the combined business of Patak's and Blue Dragon, and his wife, Meena, will also become a director.
Kirit was managing director of Patak's and Meena was a director.
The new owners said they would expand the company.
The firm's sale follows the appointment in March of investment bank NM Rothschild to look at options for growing Patak's.
Patak's was 100 per cent owned by the Pathak family, with around half its 650 staff employed at a modern factory at Leigh.
ABF said its acquisition of Patak's would create a "leading position" in the UK for the retailing and wholesale of its world foods.
Mr Pathak said: "With its experience in the world foods sector and international scale of operations, ABF is the ideal strategic partner for the Patak's brand.
"Moreover, this partnership will reinforce the leadership position of the Patak's brand in Indian food worldwide".
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