Adani Wilmar Ltd (AWL), a joint venture between Adani Group and Wilmar Group of Singapore, has announced the acquisition of GD Foods Manufacturing for Rs 603 crore. GD Foods is well-known for its Tops brand, which sells products like pickles, sauces, jams, and other food essentials. This strategic move will help Adani Wilmar, which markets products under the Fortune brand, strengthen its position in India’s FMCG sector.
Acquisition Details
- The acquisition will take place in multiple phases, with 80% of shares acquired in the first tranche and the remaining 20% over three years.
- The first tranche is expected to close within 60 days, subject to regulatory approvals.
- The deal will be funded through internal accruals or IPO proceeds.
Strategic Benefits
Adani Wilmar believes the acquisition will boost its product portfolio by adding a range of high-margin food products. Managing Director and CEO Angshu Mallick emphasized that the company plans to invest in the Tops brand and significantly expand its distribution network.
About GD Foods
- Founded in 1984, GD Foods has been a household name in North India for 40 years.
- The company sells a variety of food products, including ketchup, sauces, jams, pickles, noodles, and baking essentials.
- In FY24, GD Foods recorded a revenue of Rs 386 crore with an EBITDA of Rs 32 crore, growing at a CAGR of 15% over three years.
With this acquisition, Adani Wilmar aims to strengthen its FMCG footprint and deliver high-quality, affordable food products to Indian consumers.
