Categories: Business

ITC to acquire spice major Sunrise Foods for estimated Rs 2000 crore

Photo: PTI

ITC to acquire sunrise foods

new Delhi. ITC Limited has said that it will acquire Sunrise Foods Pvt Ltd (SFPL), a spice maker. Though the company did not disclose the value of the deal, sources said it could be around Rs 1,800 crore to Rs 2,000 crore. The company said that it has signed a share purchase agreement with SFPL. This will increase its portfolio of products and strengthen its position in the spices business. ITC said in a statement that Sunrise has a legacy of over 70 years and is a fast growing brand in the spices category. And Sunrise is clearly the market leader in Eastern India.

ITC said that the brand has developed its portfolio of products based on regional tastes and preferences. On its own, it has built committed customers over the years. ITC said that the proposed acquisition is in line with ITC's strategy to grow FMCG business rapidly with profitability. According to industry sources, JM Financial has been an advisor to Sunrise in the deal.

This post was published on May 25, 2020 11:11 am

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