M&A

M&A

Agro Tech Foods acquires 100% stake in Del Monte Foods for Rs.1,300-Cr

Press Release   BSE   Economic Times  

Gurugram-based, publicly listed Agro Tech Foods Ltd (ATFL), backed by Samara Capital and Convergent Finance, has acquired 100% stake for INR 1,300.11 crore in Del Monte Foods Pvt Ltd (DMFPL), a joint venture (JV) between the Bharti Group (59.29%) and Del Monte Pacific Ltd (DMPL) which owns 40.71%. The company proposes to rebrand itself as Sundrop Brands.Both Bharti and DMPL will receive shares of ATFL and will become public shareholders of ATFL post the transaction. Additionally, ATFL (through DMFPL) will acquire an exclusive, perpetual license for the Del Monte brand in India.

For FY24, Del Monte Foods had reported about INR 542.68 Cr in Operating Income and about INR 2.60 Cr in Net loss.