ITC plans merger of 3 subsidiaries, board meet on September 4
These subsidiaries are Sunrise Foods, Hobbits International Foods and Sunrise Sheetgrah - acquired in July 2020
August 29, 2020 / 02:12 PM IST
ITC products (Image: Moneycontrol)
ITC is considering merging three wholly-owned subsidiaries with itself, for which a board meeting has been convened on September 4, the company told the bourses on August 28.
These subsidiaries are Sunrise Foods, Hobbits International Foods and Sunrise Sheetgrah.
"The Board of Directors of the Company will consider a proposal for amalgamation of Sunrise Foods, Hobbits International Foods and Sunrise Sheetgrah, wholly-owned subsidiaries, with the Company, at its meeting convened for Friday, September 4, 2020," ITC said.
This comes after ITC on July 27 announced that it will acquire spices manufacturer Sunrise Foods in an all-cash deal worth Rs 2,150 crore. The acquisition was aimed at augmenting its portfolio in the spices segment where its own brand Aashirvaad has presence.
Sunrise Sheetgrah and Hobbits International Foods, which were arms of Sunrise Foods also became ITC subsidiaries as part of the deal.