FMCG major ITC Limited acquires legacy spices brand Sunrise Foods
FMCG major ITC Limited has entered into a share purchase agreement to acquire 100 per cent of the equity share capital of Sunrise Foods Private Limited
- Republic Business
- 2 min read
FMCG major ITC Limited has acquired Kolkata based packaged spice makers Sunrise Foods Private Ltd. The FMCG major has entered into a share purchase agreement to acquire 100 per cent of the equity share capital of Sunrise Foods.
Sunrise Foods is a seventy-year-old business of spices under the legacy brand and trademark of 'Sunrise'. The brand is a market leader in eastern India in the packaged spices category — both in basic and blended segments. The spices brand dominates the market in the packaged spices category in eastern India.
ITC Limited led by Sanjiv Puri has acquired the spices to strengthen its food business and compete with rivals such as Hindustan Unilever, Pepsico and Britannia.
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“The proposed acquisition is aligned with ITC’s strategy to rapidly scale up its FMCG businesses in a profitable manner, leveraging its institutional strengths viz. deep consumer insight, a deep and wide distribution network, agri-commodity sourcing expertise, cuisine knowledge, strong rural linkages and packaging know-how,” the hotels-to-tobacco conglomerate said in a late evening announcement on May 24.
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ITC added that the deal would “ augment the company’s product portfolio and is aligned to ITC’s aspiration to significantly scale up its spices business and expand its footprint across the country.”
ITC also has another spices brand under its kitty 'Aashirvaad' brand and the company claims to be a market leader in Telangana and Andhra Pradesh. The company also exports spices to a wide range of countries.