Diversified business entity ITC Ltd. on Monday announced the acquisition of spices manufacturer Sunrise Foods Private Ltd. (SFPL) in an all-cash deal valued at ₹2,150 crore.
According to the company, it acquired shares of Sunrise Foods at an “upfront consideration of ₹2,150 crore on a cash-free, debt-free basis“.
“In addition, the sellers are entitled to contingent consideration of an amount not exceeding ₹150 crore, which is payable upon Sunrise achieving mutually agreed operational and financial milestones, over a period of two years,” ITC said in a regulatory filing.
Sunrise Foods Private Limited is a Kolkata-based family-owned company engaged primarily in the business of spices, and this acquisition would help ITC augment its portfolio in the segment where it is present with its brand Aashirvaad.
“The company has acquired 100% of the equity share capital of Sunrise on July 27, 2020,” ITC said.
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