With this transaction, Agro Tech Foods or ATFL is aiming to enhance its presence across retail and food services sectors
Marking a step forward in its expansion plans, Agro Tech Foods or ATFL, a company in food and edible oils industry has notified the acquisition of 100 per cent stake of Del Monte Foods or DMFPL, subject to required approvals. In tandem with this development, the Company has proposed to rebrand itself as Sundrop Brands. This transaction adds an established portfolio of food products under ATFL’s umbrella.
DMFPL is a joint venture between the Bharti owning 59.29 per cent and DMPL India (owned by Del Monte Pacific) owning 40.71 per cent. With this transaction, both Bharti and DMPL will receive shares of ATFL as consideration and will become public shareholders of ATFL post the transaction. Additionally, ATFL (through DMFPL) will acquire an exclusive, perpetual license for the Del Monte brand in India.
“We are thrilled to welcome Del Monte Foods into the Sundrop Brands family. This partnership aligns perfectly with our enhanced vision of bringing joyful food experiences to the modern consumer,” stated Asheesh Kumar Sharma, Chief Executive Officer (CEO) and Executive Director of Agro Tech Foods.
With this transaction, ATFL is aiming to enhance its presence across retail and food services sectors, expanding its reach to traditional retail, modern retail, quick-service restaurants and food services customers. As part of this transaction, ATFL also gains access to Del Monte’s manufacturing and research and development (R&D) facility in Hosur, Tamil Nadu and in Ludhiana, Punjab.
“Bharti is excited to announce the combination of ATFL and Del Monte Foods, making Bharti the second largest shareholder in the combined platform. Leveraging significant synergies on the back of a profitable business model, trusted brands and a loyal consumer base, this transaction is set to bolster the scale and margin profile of the platform, potentially accelerating shareholder returns and offering a more diverse portfolio of high quality products to consumers,” stated Harjeet Kohli, Joint Managing Director of Bharti Enterprises.
“India has been an exciting and flourishing market for Del Monte, and we are proud of the brand’s journey and impact on the Indian food industry. With Sundrop Brands’ experience and commitment, we believe the Del Monte brand will reach new heights in India,” remarked Del Monte Pacific or DMPL.
To lead this newly expanded platform, the company has appointed Nitish Bajaj as Group Managing Director of the Company. Nitish brings over 28 years of experience in consumer products and brand management.
