ITC acquires Sunrise Foods for ₹2,150 crore

• Diversified business entity ITC Ltd announced acquisition of spices manufacturer Sunrise Foods Private Ltd (SFPL) in an all-cash deal valued at Rs 2,150 crore.
• According to the company, it has acquired shares of SFPL at an “upfront consideration of Rs 2,150 crores on a cash-free, debt-free basis”.

Bought 100 percent stake

• ITC has acquired 100 per cent of Sunrise’s equity share capital on 27 July 2020. With this deal, in addition to Sunrise Masala, its two subsidiaries – Sunrise Coldgrah Private Limited and Hobbits International Foods Private Limited have also become subsidiaries of ITC.
• Earlier on 24 May, ITC announced that it would acquire SFPL.

There are factories in Kolkata, Agra, Jaipur and Bikaner

• Regarding this deal, ITC said that the spices of Sunrise’s Ashirwad range are in high demand in Telangana and Andhra. The company is one of the largest producer and exporter of high quality spices.
• Sunrise has factories in Kolkata, Agra, Jaipur and Bikaner.
• With the acquisition of Sunrise Foods, ITC will be able to further expand its presence in a large part of the country

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