Home / Companies / News / ITC acquires spices maker Sunrise Foods in all-cash deal for Rs 2,150 cr

ITC acquires spices maker Sunrise Foods in all-cash deal for Rs 2,150 cr

SFPL is a Kolkata-based family-owned company engaged primarily in the business of spices

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This acquisition would help ITC augment its portfolio in the segment where it is present with its brand Aashirvaad

2 min read Last Updated : Jul 28 2020 | 12:52 AM IST

Diversified business entity ITC Ltd on Monday announced acquisition of spices manufacturer Sunrise Foods Private Ltd (SFPL) in an all-cash deal valued at Rs 2,150 crore.

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".

"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.

SFPL is a Kolkata-based family-owned company engaged primarily in the business of spices,

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