ITC entered into a share purchase agreement to acquire 100 per cent of the equity share capital of Sunrise Foods.

Indian consumer goods giant ITC is set to acquire Kolkata based spices maker Sunrise Foods to bolster its food business. The company entered into a share purchase agreement on 23 May to acquire 100 per cent of the equity share capital of Sunrise Foods. However, the size of the deal was not revealed.

According to the hotels-to-tobacco conglomerate, the proposed deal is aligned with ITC's strategy to rapidly scale up its FMCG businesses in a profitable manner, leveraging its institutional strengths deep consumer insight, a deep and wide distribution network, agri-commodity sourcing expertise, cuisine knowledge, strong rural linkages and packaging know-how.

The deal will augment the company's product portfolio and is aligned to ITC's aspiration to significantly scale up its business and expand its footprint across the country. The company also sees significant value creation opportunities in the deep consumer connect and distribution strength of Sunrise Foods in the focus markets.