ITC Limited, a company that deals in various sectors, will acquire Sunrise Foods Pvt Ltd (SFPL), a spice maker. The company has not disclosed the value of the deal. But sources said that it could be around Rs 1,800 crore to Rs 2,000 crore. The company said that it has signed a share purchase agreement (SPA) with SFPL. This will increase the portfolio of products, it will increase its portfolio of products and will strengthen its position in the spices business. ITC said in a statement, ‘Sunrise has a heritage of over 70 years and is a fast growing brand in the spices category. Sunrise is clearly the market leader in Eastern India.
The company said that the brand has developed its portfolio of products based on regional tastes and preferences. On its own, it has built committed customers over the years.
FMCG business to be profitable
ITC said, “The proposed acquisition is in line with ITC’s strategy to grow FMCG business at a rapid pace with profits.” According to industry sources, JM Financial has been an advisor to Sunrise in the deal.