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ITC, the Indian conglomerate, has announced that it has entered into an agreement to acquire Prasuma, a leading player in frozen, chilled and ready to cook foods, over a period of three years.
Prasuma is described as a specialist in Oriental cuisine offering a diverse range of over 170+ products under the Prasuma, Meatigo and Momo Kitchen brands. The Prasuma brand offers frozen products such as baos, Korean fried chicken and Japanese fried rice, while the Meatigo brand specialises in delicatessen products and raw meats through its D2C platform.
Commenting on the acquisition, ITC wholetime director Hemant Malik said: “We are delighted to back Prasuma and look forward to jointly building an unparalleled, full stack frozen, chilled and ready to cook foods portfolio. With Good-for-You, first-to-market products, across cuisines, we believe that the combined portfolio will delight our discerning consumers. This investment reaffirms our commitment to building future facing, best in class, innovative portfolios”.
Prasuma COO Lisa Suwal and Siddhant Wangdi added: “We are extremely proud of what we have built and excited to join hands with ITC to drive the next phase of growth. […] With Prasuma’s strength in manufacturing and innovation, combined with ITC’s expertise in distribution and building new-age brands, we are excited about the significant value that this collaboration will create for consumers in India and globally”.
ITC is expected to complete the acquisition of 43.8% equity for 131 crore INR ($14.9 million) by March 2025, increase its stake to 62.5% for INR 56 crore ($6.37 million) by April 2027, and acquire the remaining 37.5% over three years.
Sources: ITC
