Kolkata, May 25 — ITC Limited said it has entered into a Share Purchase Agreement (SPA) on Saturday to acquire 100% of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices under the trademark ‘Sunrise’.
The acquistion is subject to fulfilment of various terms and conditions as specified in the SPA.Sunrise is a clear market leader in eastern India in the fast-growing Spices category with a rich heritage and brand legacy of over 70 years.Over the years, the brand has built a loyal consumer franchise, anchored on a differentiated product portfolio tailored to regional tastes and preferences, both in the basic and blended spice segments. ITC’s Aashirvaad range of spices is already a market leader in Telangana and Andhra Pradesh and the Company is one of India’s leading producers and exporters of high-quality food safe spices, it said.The proposed acquisition will augment the Company’s product portfolio and is aligned to ITC’s aspiration to significantly scale up its Spices business and expand its footprint across the country, it said.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 the Company’s Agri Business and its pan-India distribution network, will provide significant value creation opportunities for the Company.Finalisation of the SPA along with related processes were completed during lockdown conditions, reflecting the Company’s agility and resilience in dealing with the new normal.For any query with respect to this article or any other content requirement, please contact Editor at contentservices@htlive.com
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