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Conagra Brands to divest controlling stake in India's Agro Tech Foods
FoodBev Media

FoodBev Media

4 March 2024

Conagra Brands to divest controlling stake in India's Agro Tech Foods

A Conagra Brands subsidiary has entered into a definitive agreement to divest its 51.8% ownership stake in Agro Tech Foods. Agro Tech Foods is a Mumbai, India-based company that manufactures and sells a range of food products and edible oils, operating in the ready-to-cook snacks, ready-to-eat snacks, spreads and dips, breakfast cereals and chocolate confectionery markets. In 2011, Conagra became the majority owner of Agro Tech Foods when it increased its stake in the business through the purchase of existing shares from a third party. At the time, the purchase price of the additional shares was reported as around $110 million. In 2011, then-CEO of Conagra, Gary Rodkin, said: “Conagra has enjoyed a strong partnership with Agro Tech Foods, dating back to 1997...expanding our international business is a key part of our strategic plan, and India represents an attractive growth market for Conagra." The latest transaction is subject to customary closing conditions and is expected to be completed by the end of the calendar year 2024. Upon the close of this agreement, Conagra Brands will no longer consolidate the results of Agro Tech Foods in its financial statements. Terms of the deal were not disclosed. You may also be interested in these recent product launches from Conagra:

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