Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
Budget 2023
Budget 2023

ITC to spice up FMCG portfolio with buyout of Kolkata-based Sunrise Foods

Moneycontrol was the first to report that both parties had initiated exclusive negotiations on the deal in March

May 25, 2020 / 08:53 PM IST

Diversified conglomerate ITC Limited has entered into a share-purchase agreement to acquire Kolkata-based packaged spice maker Sunrise Foods as the Sanjiv Puri-led firm looks to bolster its food business and battle rivals Hindustan Unilever, Pepsico and Britannia.

Moneycontrol was the first to report that both parties had initiated exclusive negotiations on the deal on March 31.

“The proposed acquisition is aligned with ITC’s strategy to rapidly scale up its FMCG businesses in a profitable manner, leveraging its institutional strengths viz. deep consumer insight, a deep and wide distribution network, agri-commodity sourcing expertise, cuisine knowledge, strong rural linkages and packaging know-how,” the hotels-to-tobacco conglomerate said in a late evening announcement on May 24.

Sunrise Foods is a market-leader in eastern India in the fast-growing spices category. Over the last 70 years, it has built a loyal consumer franchise, based on a differentiated product portfolio, both in the basic and blended spice segments.