Indian conglomerate ITC has announced that it has entered into a Share Purchase Agreement (SPA) to acquire 100% of the equity share capital of Sunrise Foods.
West Bengal-based Sunrise Foods manufactures spices under the trademark Sunrise. The brand’s product portfolio, encompassing both basic and blended spices, is differentiated based on regional tastes and preferences.
ITC already produces a range of Aashirvaad-branded spices and says that the acquisition, if finalised, will support its ambition to scale up its spices business and expand its footprint across the country.
Originally founded as a tobacco company, ITC first moved into F&B around two decades ago.
The proposed deal with Sunrise Foods is said to align with the company’s strategic objective of rapidly scaling up its FMCG businesses, while maintaining profitability.
The company says that the deal will bring together the loyal consumer base and distribution strength of Sunrise Foods in ‘focus markets’ and ITC’s sourcing and supply chain capabilities.
The proposed deal is subject to the fulfilment of a number of terms and conditions set out in the SPA.
The financial terms have not been disclosed.
© FoodBev Media Ltd 2020
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