ITC acquires spice-maker Sunrise in all-cash deal for Rs 2,150 crore

With the transaction, the company has added a 70-year-old brand and a market leader in eastern India to its portfolio

Diversified conglomerate ITC has acquired 100 per cent equity stake of Sunrise for Rs 2,150 crore, its biggest acquisition to date.

The upfront consideration of Rs 2,150 crore is on a cash-free, debt-free basis. 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 late on Monday. 

The share purchase agreement for Sunrise was completed after the lockdown and ITC announced the acquisition on May 24. With the transaction, the company has added a 70-year-old