Agro Tech Foods Expands with Del Monte Foods Acquisition

Agro Tech Foods has acquired Del Monte Foods from Bharti Enterprises through a share swap deal. The acquisition is valued at Rs 1,300.11 crore. Agro Tech Foods will rename itself Sundrop Brands Limited and aims to diversify its processed food portfolio. The acquisition requires regulatory clearances.

Agro Tech Foods has announced the acquisition of Del Monte Foods from Bharti Enterprises through a strategic share swap deal. This noteworthy transaction illustrates Agro Tech Foods' ambition to diversify its processed food offerings, as detailed in the company's regulatory filing.

The acquisition requires the approval of regulatory bodies, including the Competition Commission of India, and is expected to finalize within nine months. Agro Tech Foods will issue 1.33 crore equity shares to Bharti Enterprises, valuing Del Monte Foods' equity at Rs 1,300.11 crore.

The acquisition allows Agro Tech Foods to rename itself Sundrop Brands Limited and expand its portfolio, aligning with its strategic goals. Additionally, the company's leadership will see changes, with Nitish Bajaj stepping in as Group Managing Director.

(With inputs from agencies.)