Latest News | Adani Wilmar to Acquire GD Foods Manufacturing

Get latest articles and stories on Latest News at LatestLY. FMCG firm Adani Wilmar Ltd on Tuesday announced the acquisition of GD Foods Manufacturing, which sells food products under the Tops brand.

New Delhi, Mar 4 (PTI) FMCG firm Adani Wilmar Ltd on Tuesday announced the acquisition of GD Foods Manufacturing, which sells food products under the Tops brand.

Adani Wilmar sells edible oils and other food products under the Fortune brand.

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In a regulatory filing, the company informed that it has signed a definitive agreement to acquire G D Foods Manufacturing (India) Private Limited.

The acquisition will be executed in multiple tranches, with 80 per cent of the shares to be acquired in the first tranche and the remaining 20 per cent over the next three years.

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In FY24, GD Foods achieved a revenue of Rs 386 crore, growing at a three-year CAGR of 15 per cent, and recorded an EBITDA of Rs 32 crore.

Adani Wilmar said this acquisition offers a strategic advantage by expanding its portfolio with a broad range of value-added food products.

Founded in 1984, GD Foods’ owned brand “Tops” has built a strong reputation as a household brand in North India over the last 40 years, offering high-quality products in categories spanning tomato ketchup, snack sauce, speciality sauces, culinary sauces, jams, pickles, noodles, instant mixes, corn and choco flakes and cooking essentials like vinegar, baking powder, cake mix, corn flour.

Headquartered in Delhi, the company’s sales are mainly concentrated in seven states in North India, with a retail presence across more than 1,50,000 outlets. It also maintains in-house manufacturing facilities at three locations.

Angshu Mallick, MD & CEO of Adani Wilmar Limited, said, “As the market evolves, there is a clear need for trusted national food FMCG brands to deliver high-quality, affordable products that fulfil the essential needs of Indian kitchens”.

The acquisition of GD Foods aligns with our vision and will significantly enlarge AWL’s offerings to meet the evolving needs of Indian households, he added.

“With 8 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,” Mallick said.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)