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ITC completes acquisition of Sunrise Foods

Tuesday, 28 Jul 2020
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ITC has acquired 100 percent of the equity share capital of Sunrise Foods (Sunrise) on 27 July 2020. 
 
Consequent to the above, Sunrise and its two subsidiaries, namely Sunrise Sheetgrah and Hobbits International Foods, have become wholly-owned subsidiaries of the company with effect from the aforesaid date.
 
The cost of acquisition is upfront consideration of Rs 2,150 crore on a cash-free, debt-free basis. In addition, the sellers are entitled to contingent consideration of an amount not exceeding Rs 150 crore, which is payable upon Sunrise achieving mutually agreed operational and financial milestones over a period of two years. 
 
The 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. 
 
The consumer connect of Sunrise 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 value creation opportunities for the company. 
 
Sunrise is engaged mainly in the business of spices under the trademark Sunrise. ITC’s Aashirvaad range of spices has presence in Telangana and Andhra Pradesh.

 

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