ITC to acquire spice manufacturer Sunrise Foods Pvt Ltd

ITC Ltd has entered into a share purchase agreement (SPA) to acquire 100 per cent of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices.

In a regulatory filing, ITC said that the proposed acquisition will augment its product portfolio and is aligned to the company`s aspiration to significantly scale up its spices business and expand its footprint across the country.

"ITC Limited has entered into a Share Purchase Agreement (SPA) on May 23, 2020 to acquire 100 per cent of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices under the trademark `Sunrise`, subject to fulfilment of various terms and conditions as specified in the SPA," it said.

It also noted that ITC`s Aashirvaad range of spices is already a market leader in Telangana and Andhra Pradesh.

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The deep consumer connect and distribution strength of SFPL in the focus markets, together with synergies arising out of the sourcing and supply chain capabilities of ITC`s agri business and its pan-India distribution network, will provide significant value creation opportunities for the company, it said.