OdishaPlus Bureau
ITC Ltd on Monday announced acquisition of spices manufacturer Sunrise Foods Private Ltd (SFPL) for Rs 2,150 crore. SFPL is a Kolkata-based family-owned company engaged the business of spices, and this acquisition would help ITC with its brand Aashirvaad.
In FY 2019-20, Sunrise had a turnover of Rs 591.50 crore. Sunrise and its two subsidiaries, Sunrise Sheetgrah Private Ltd and Hobbits International Foods Pvt Ltd, have become wholly-owned subsidiaries of ITC.
“ITC’s Aashirvaad range of spices has a strong presence in Telangana and Andhra Pradesh and the company is one of India’s leading producers and exporters of high-quality food-safe spices. The acquisition will augment the company’s product portfolio and is aligned to ITC’s aspiration to significantly scale up its Spices business and expand its footprint across the country,” an official statement said.