Team Business Standard, This acquisition would help ITC augment its portfolio in the segment where it is present with its brand Aashirvaad, Relaxation of WFH norms will create jobs in small towns, says industry, Xiaomi beats anti-Chinese sentiment, stays ahead of Samsung in shipment, Adani Group to take over Ahmedabad airport operations from midnight: AAI, SC stays order asking SpiceJet to deposit Rs 243 cr in Kalanithi Maran case, Greenko, Snam enter agreement to develop hydrogen value chain in India, Tata Technologies to modernise Karnataka ITIs with outlay of Rs 4,600 crore, Google, Walmart hit by India's move to limit some digital payments players, ITC PAT falls 18.23% to Rs 3,413 cr in Sept quarter, revenues rise 2%, Santosh Gangwar inaugurates VVDN Technologies' production plant at Manesar, HCL Infosystems September quarter loss widens to Rs 83.71 crore, ITC shares gain 5% as Co to acquire spices major Sunrise Foods for Rs 2K cr, ITC set to acquire spice major Sunrise Foods for estimated Rs 2,000 crore, Why ITC's Sunrise Foods deal is positive but unlikely to push up valuation, ITC evaluating inorganic expansion, aims to boost non-cigarette verticals, ITC advances 4%, hits over 3-month high; stock surges 30% in one month, Access Exclusive content - articles, features & opinion pieces, Weekly Industry/Genre specific newsletters - Choose multiple industries/genres, Access to 17 plus years of content archives, Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box, End of day news alerts on 5 companies (via email). By: ABP News Bureau | 25 May 2020 10:57 AM (IST). The company has entered into a Share Purchase Agreement (SPA) to acquire 100% equity of Sunrise Food Pvt Ltd (SFPL) which has a legacy of over 70 years. According to the company, it has acquired shares of SFPL at an "upfront consideration of Rs 2,150 crores on a cash-free, debt-free basis".document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); "In addition, the sellers are entitled to contingent consideration of an amount not exceeding Rs 150 crore, which is payable upon Sunrise achieving mutually agreed operational and financial milestones, over a period of two years," ITC said in a regulatory filing. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. In addition, SFPL will be entitled to contingent consideration of an amount not exceeding Rs 150 crore which is payable upon Sunrise achieving mutually agreed operational and financial milestones over […] We believe in free, fair and credible journalism. SFPL is a Kolkata-based family-owned company engaged primarily in the business of spices, and this acquisition would help ITC augment its portfolio in the segment where it is present with its brand Aashirvaad. Your support through more subscriptions can help us practise the journalism to which we are committed. Get Top Management, MD , CEO , HR Manager Contact details with Email id of Sunrise Foods Pvt Ltd in Kolkata . "ITC's Aashirvaad range of spices has a strong presence in Telangana and Andhra Pradesh and the company is one of India's leading producers and exporters of high-quality food-safe spices. New Delhi: Even as the economic growth remains sagging under the impact of Covid-19 induced lockdown, the fast-moving consumer goods (FMCG) company ITC Ltd is set to acquire Kolkata based spice maker Sunrise Foods Pvt Ltd. Address , contact numbers, contact details of CIO , Chief Finance Officer CFO, HR Head, Sales Head, Purchase Head, Admin Head, Marketing Head or Manager also available. Consequent to it, Sunrise and its two subsidiaries, Sunrise Sheetgrah Private Ltd and Hobbits International Foods Pvt Ltd, have become wholly-owned subsidiaries of ITC, it added. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Consequent to it, Sunrise and its two subsidiaries, Sunrise Sheetgrah Private Ltd and Hobbits International Foods Pvt Ltd, have become wholly-owned subsidiaries of ITC. We, however, have a request. "In addition, the sellers are entitled to contingent consideration of an amount not exceeding Rs 150 crore, which is payable upon Sunrise achieving mutually agreed operational and financial milestones, over a period of two years," ITC said in a regulatory filing. ITC India has announced that it is all set to acquire Sunrise Foods Private Ltd, a Kolkata- based spice maker. All rights reserved. Topics ITC Limited acquires Kolkata based spice-maker Sunrise Foods Private Limited for 100% of the equity share capital. According to the company’s press release ITC has … Earlier on May 24, ITC had announced it would acquire SFPL. The acquisition is expected to help the company to further strengthen its position in the FMCG segment. Stock Market Live: Sensex, Nifty slip in red again; Tata Motors top loser, down 2.6%, Asian shares rise on vaccine bets but analysts urge caution, Oil keeps climbing on hopes OPEC+ will hold back supply as COVID-19 cases rise, Rupee slumps 35 paise to 74.76 against US dollar. ABP News uses cookie on this website to ensure a better User Experience, beautiful functionalities and to measure visitor behavior in order to improve the content. Sunrise is a market leader in eastern India in the fast-growing spices category and has a brand legacy of over 70 years. SFPL is a Kolkata-based family-owned company engaged primarily in the business of spices, and this acquisition would help ITC augment its portfolio in the segment where it is present with its brand Aashirvaad. The FMCG firm presently sells products ranging from packaged foods to personal care, and with the acquisition it can further consolidate its spice business. RBI Admits India May Have Entered 'Historic Recession'; July-Sept GDP To Contract 8.6%, Sensex, Nifty Slip As Centre Announces Third Stimulus Atmanirbhar Bharat 3.0; Here's Why, FM Sitharaman Announces Atmanirbhar Bharat Rozgar Yojana | Key Takeaways From Her Address, Central Cabinet Approves Rs 2 Trillion Incentive To Promote Domestic Manufacturing In 10 Sectors, Diwali 2020: No Better Time Than Dhanteras To Buy Gold! As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. "The company has acquired 100 percent of the equity share capital of Sunrise on July 27, 2020," said ITC. Four gadgets you should invest in for good health. Earlier on May 24, ITC had announced it would acquire SFPL. You can manage them any time from your browser settings. Kolkata based spice maker Sunrise Foods Pvt. Sunrise is a market leader in eastern India in the fast-growing spices category and has a brand legacy of over 70 years. Earlier on May 24, ITC had announced it would acquire SFPL. "ITC's Aashirvaad range of spices has a strong presence in Telangana and Andhra Pradesh and the company is one of India's leading producers and exporters of high-quality food-safe spices. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Digital Editor. The acquisition will 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," it said. ©TV18 Broadcast Limited. As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. Coronavirus News LIVE updates: 44,879 fresh cases take India's... Sunrise is a market leader in eastern India in the fast-growing spices category and has a brand legacy of over 70 years. "The company has acquired 100 percent of the equity share capital of Sunrise on July 27, 2020," said ITC. Copyrights © 2020 Business Standard Private Ltd. All rights reserved.

Module Crossword Clue, Civil Engineer Essay In Urdu, Hu Chocolate Review, How Do Programmers Use Math, Hokkaido Milk Taste, Pork Chops With Cheese And Onion, Old Goods Vintage, How To Grow Cauliflower From Scraps, Black Fairy Once Upon A Time Actress, World Dragon Wow, Most Popular Sherwin Williams Exterior Paint Colors, Dash Ice Cream Makers,