Agro Tech Foods Limited (ATFL) , which owns brands such as ACT II popcorn and Sundrop, has completed its deal to acquire Del Monte Foods (DMFPL) from Bharti Enterprises Limited (BEL), through a share-swap deal.
The acquisition of DMFPL solidifies its position in India’s food and FMCG sector, the company said in a statement. “With this, Bharti and DMPL have become shareholders of ATFL following the completion of a preferential allotment of equity shares of ATFL, with Bharti becoming the second largest shareholder with 21% stake and DMPL having 14% stake in ATFL,” it said.
The Competition Commission of India has last month approved the proposed combination involving, inter alia, ATFL, BEL, DMPL India Limited and Del Monte Foods Private Limited (DMFPL).
Agro Tech Foods appointed Harjeet Kohli, joint MD Bharti Enterprises, as director on the board of ATFL, PTI reported. ATFL and DMFPL had a combined turnover of Rs 1,300 crore in FY24, about 40% of which is on account of DMFPL, the filing said.
DMFPL is a joint venture with Bharti Enterprises owning 59.29% stake. The rest 40.71% is held by DMPL India — a step-down unit of Del Monte Pacific.
Nitish Bajaj, group managing director of Agro Tech Foods said, “We are excited to formally welcome Del Monte India into the ATFL family. This strategic partnership strengthens our ability to offer a broader range of high-quality food products to Indian consumers. With Del Monte’s strong brand recognition and our expertise in food innovation and distribution, we are well-positioned to accelerate growth and create significant value for our stakeholders.”
Abhinav Kapoor, CEO and whole time director of Del Monte Foods Private Limited added, “The combination of the soon-to-be-rebranded Sundrop Brands and Del Monte Foods Pvt Limited marks a strategic milestone, unlocking new avenues of growth for the business. We are confident that by capitalizing on the emerging demand, leveraging our distribution network, and enhancing our operational efficiency, we can drive significant growth across product categories. This will not only boost sales but also create exciting opportunities for Del Monte employees, while delivering greater value to our customers and stakeholders.”
ATFL is a publicly listed company, engaged in the business of manufacturing, marketing, and selling a wide range of food products and edible oils.
BEL is involved in rendering management consultancy services within the Bharti Group itself.
DMPL India is an investment holding company that has controlling interests in branded food and beverage companies that produce, market, and sell packaged fruit, vegetable and tomato sauces, condiments, pasta, broth, stock, juices, and frozen food products, under various brands. Apart from its investment in DMFPL, DMPL India has no business presence in India.
DMPFL is engaged in the manufacture and sale of packaged foods such as snacks, ‘ready to eat’ foods, sauces, spreads and dips, edible oils, and pasta in India.
(Complied from media reports and company statements)
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Naresh Khanna – 10 February 2025
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