Diversified business entity ITC on Friday said it is considering merger of its three wholly-owned subsidiaries – Sunrise Foods, Hobbits International Foods and Sunrise Sheetgrah – with itself. A board meeting of the company has been convened for this on September 4, 2020, ITC informed in a regulatory filing.
“The Board of Directors of the Company will consider a proposal for amalgamation of Sunrise Foods Private Limited, Hobbits International Foods Private Limited and Sunrise Sheetgrah Private Limited, wholly-owned subsidiaries, with the Company, at its meeting convened for Friday, September 4, 2020,” ITC said.
On July 27, ITC had announced to acquire spices manufacturer Sunrise Foods in an all-cash deal valued at Rs 2,150 crore.
ITC had said the acquisition of Sunrise Food, engaged primarily in the business of spices, will help it to augment its portfolio in the segment, where it has already presence with its brand Aashirvaad.
Consequent to it, Sunrise and its two arms – Sunrise Sheetgrah and Hobbits International Foods – also became wholly-owned subsidiaries of ITC.
Source: Economic Times