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ITC Ltd completes acquisition of Sunrise Foods Pvt Ltd
Posted On : 2020-07-27 23:57:24( TIMEZONE : IST )
ITC Ltd had earlier announced that it has entered into a Share Purchase Agreement to acquire shares of Messrs. Sunrise Foods Private Limited ('Sunrise').
The Company has now acquired 100% of the equity share capital of Sunrise on 27th July, 2020. Consequent to the above, Sunrise and its two subsidiaries viz., Sunrise Sheetgrah Private Limited and Hobbits International Foods Private Limited, have become wholly owned subsidiaries of the Company with effect from the aforesaid date. The company had reported turnover of Rs. 591.50 crores during 2019-20.
Sunrise is a 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, both in the basic and blended spice segments.
ITC's Aashirvaad range of spices has strong presence in Telangana and Andhra Pradesh and the Company is one of India's leading producers and exporters of high-quality food safe spices.
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 deep 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 significant value creation opportunities for the Company.
The cost of acquisition includes upfront consideration of Rs. 2,150 crores on a cash-free, debt-free basis. In addition, the sellers are entitled to contingent consideration of an amount not exceeding Rs. 150 crores, which is payable upon Sunrise achieving mutually agreed operational and financial milestones, over a period of two years.
Shares of ITC LTD. was last trading in BSE at Rs.196.25 as compared to the previous close of Rs. 199.7. The total number of shares traded during the day was 1890414 in over 17966 trades.
The stock hit an intraday high of Rs. 200.5 and intraday low of 195.1. The net turnover during the day was Rs. 372787958.
