Agro Tech Foods Acquires Del Monte, Rebrands as Sundrop Brands

Agro Tech Foods Limited acquires Del Monte Foods Private Limited, gaining full ownership and rebranding as Sundrop Brands. As part of the acquisition, Bharti and DMPL become public shareholders. This strategic move allows Agro Tech to expand its product offerings and leverage Del Monte's established brand in India.

In a strategic move, Agro Tech Foods Limited has announced its acquisition of a 100% stake in Del Monte Foods Private Limited, further solidifying its position in the food and edible oils sector. With renowned brands like ACT II popcorn and Sundrop under its belt, the company revealed plans to rebrand itself as Sundrop Brands.

The acquisition, a joint venture previously held by Bharti Enterprises and DMPL India Limited with respective shares of 59.29% and 40.71%, will see Bharti and DMPL transition to public shareholders. Bharti will hold approximately 21% and DMPL 14% in the newly formed entity. This development also grants Agro Tech Foods a perpetual license for the Del Monte brand in India, enabling a wider reach in various food segments including Italian sauces, ketchup, and beverages.

Agro Tech's CEO, Asheesh Kumar Sharma, expressed his enthusiasm on integrating Del Monte into the Sundrop Brands family, highlighting the opportunity to broaden consumer-focused product lines with advanced manufacturing and R&D facilities in Tamil Nadu and Punjab. Bharti Enterprises' Joint Managing Director, Harjeet Kohli, also emphasized the strategic benefits of the acquisition, which requires clearance from the Competition Commission of India within a 60-day timeframe.

(With inputs from agencies.)