ITC to acquire spice manufacturer Sunrise Foods Pvt Ltdtext_fields
New Delhi: ITC Ltd has entered into a share purchase agreement (SPA) to acquire 100 per cent of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices.
In a regulatory filing, ITC said that the proposed acquisition will augment its product portfolio and is aligned to the company's aspiration to significantly scale up its spices business and expand its footprint across the country.
"ITC Limited has entered into a Share Purchase Agreement (SPA) on May 23, 2020 to acquire 100 per cent of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices under the trademark 'Sunrise', subject to fulfilment of various terms and conditions as specified in the SPA," it said.
It also noted that ITC's Aashirvaad range of spices is already a market leader in Telangana and Andhra Pradesh.
The deep consumer connect and distribution strength of SFPL in the focus markets, together with synergies arising out of the sourcing and supply chain capabilities of ITC's agri business and its pan-India distribution network, will provide significant value creation opportunities for the company, it said.