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Agro Tech Foods expands portfolio with Del Monte Foods buyout, gets brand licence
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Tuesday, 19 November, 2024, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Agro Tech Foods, known for its popular brands like ACT II Popcorn and Sundrop, has acquired Del Monte Foods, a joint venture between Bharti Enterprises and Del Monte Pacific, in a move to diversify its product portfolio. The deal, valued at Rs 1,300 crore, involves ATFL issuing 1.33 crore equity shares to the joint venture’s shareholders.
As part of the transaction, it will acquire the exclusive rights to the brand in India and its manufacturing and R&D facilities in Hosur, Tamil Nadu and in Ludhiana, Punjab. These will play a key role in supporting the company’s expansion and the development of new product lines.
The deal includes the addition of its portfolio, which features Italian range products, sauces, and beverages, complementing its existing offerings. The acquisition expands its presence across both retail and food service sectors, in traditional retail, modern retail, quick-service restaurants, and food service and the company aims to leverage these synergies to expand its consumer base. The company will also rebrand itself as Sundrop Brands.
Additionally, it will acquire an exclusive, perpetual licence for the brand in India, ensuring long-term access for its growing consumer base.
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