ITC Limited is going to acquire Kolkata-based packaged spice firm Sunrise Foods which it said will help to scale up the FMCG business. The size of the deal was not revealed.
The share purchase agreement was finalized on Saturday. In a media release, ITC said
Sunrise is a market leader in eastern India.
“The proposed acquisition is aligned with ITC’s strategy to rapidly scale up its FMCG businesses in a profitable manner, leveraging its institutional strengths of deep consumer insight, a deep and wide distribution network, agri-commodity sourcing expertise, cuisine knowledge, strong rural linkages and packaging know-how,” the company said.
Sunrise is over 70 years brand with a range tailored to regional tastes and preferences, both in the basic and blended spice segments. It has plants in Kolkata, Agra, Jaipur and Bikaner.
ITC’s Aashirvaad range of spices is already a market leader in Telangana and Andhra Pradesh.
ITC said the share purchase agreement was finalized and all related processes were completed during lockdown which reflects the company’s agility and resilience in dealing with the new normal.
Source: Economic Times