India: Adani Wilmar acquires GD Foods

India-based food firm Adani Wilmar has announced the acquisition of sauces and pickle maker GD Foods to expand its category footprint.

Founded in 1984, GD Foods is a leader in tomato ketchup, sauces, jams, pickles, noodles, instant mixes, cereals, and essential cooking ingredients under the Tops brand. The brand operates in seven northern Indian states, supplying its products to more than 150,000 retail outlets.

Commenting on the move, Adani Wilmar MD and CEO Angshu Mallick said: “The acquisition of GD Foods aligns with our vision and will significantly enlarge our offerings to meet the evolving needs of Indian households. With eight new product categories added to our portfolio, we are laying a strong foundation to build a formidable presence in the value-added products market over time”.

GD Foods vice-chairman Nitin Seth added: “For the past 40 years, we have remained committed to understand and meet the needs of Indian households through innovative products. Now, with Adani Wilmar’s strength behind us, ‘Tops’ products will reach a much larger number of homes”.

The acquisition, subject to customary closing conditions, will be completed in multiple tranches, with 80% of shares acquired in the first tranche within 60 days and the remainder over three years.

Source: Hindu Business Line