Agro Tech Foods Acquires Del Monte Foods, Rebrands as Sundrop Brands
Agro Tech Foods Limited, a major player in the food and edible oils industry, has announced the acquisition of Del Monte Foods Private Limited. Known for brands like ACT II popcorn and Sundrop, Agro Tech Foods will now rebrand itself as Sundrop Brands. This change reflects their commitment to growth under new ownership.
Del Monte Foods, previously a joint venture between Bharti Enterprises and DMPL India Limited, will be integrated into Agro Tech Foods’ operations. Bharti Enterprises will hold a 21% share, while DMPL India will have a 14% stake in the new entity. Agro Tech Foods will also have an exclusive license to use the Del Monte brand in India.
Del Monte India offers products like Italian sauces, ketchup, dips, spreads, and beverages. Agro Tech Foods’ CEO, Asheesh Kumar Sharma, expressed excitement about the acquisition, highlighting the alignment with their vision of providing joyful food experiences.
The acquisition includes access to Del Monte’s manufacturing and R&D facilities in Hosur, Tamil Nadu, and Ludhiana, Punjab. These facilities will support Agro Tech Foods’ expansion and development of new products for Indian consumers.
Harjeet Kohli, Joint Managing Director of Bharti Enterprises, noted that this acquisition makes Bharti the second-largest shareholder in the combined platform. The acquisition is expected to be completed in 60 days, pending regulatory approval.
Doubts Revealed
Agro Tech Foods -: Agro Tech Foods is a company in India that makes and sells food products. They are known for products like cooking oils and snacks.
Del Monte Foods -: Del Monte Foods is a company that sells packaged fruits, vegetables, and other food products. They are known for their canned fruits and vegetables.
Rebrand -: Rebranding means changing the name, logo, or image of a company to create a new identity. In this case, Agro Tech Foods is changing its name to Sundrop Brands.
Sundrop Brands -: Sundrop Brands is the new name for Agro Tech Foods after they acquired Del Monte Foods. Sundrop is already a popular brand in India known for its cooking oils.
Bharti Enterprises -: Bharti Enterprises is a large Indian business group that operates in various sectors like telecom, insurance, and food.
DMPL India Limited -: DMPL India Limited is a company involved in the food business in India. They are part of the Del Monte group.
Exclusive license -: An exclusive license means that only Agro Tech Foods can use the Del Monte brand name in India. No other company in India can use the Del Monte name for their products.
Regulatory approval -: Regulatory approval means getting permission from the government or authorities to complete a business deal. This ensures that the deal follows all the rules and laws.
