Agro Tech Foods, in an exchange filing in November 2024, informed that the acquisition was valued at Rs 1,300 crore
The acquisition of Del Monte Foods (DMFPL), a joint venture between the Bharti Group and Del Monte Pacific, by Agro Tech Foods (ATFL) has been approved by the Competition Commission of India (CCI). Bharti held 59.29 per cent in the joint venture, while the rest was with Del Monte Pacific, as per the reports.
Agro Tech Foods, in an exchange filing in November 2024, informed that the acquisition was valued at Rs 1,300 crore. CCI stated that in discharge of its consideration for ATFL’s 100 per cent acquisition in DMFPL, Bharti and Del Monte Pacific will be receiving shares of Agro Tech Foods.
While adding that the acquired entity will become a wholly-owned subsidiary of ATFL, the commission stated, “Issuance of 20.95 per cent and 14.39 per cent equity shares in ATFL to Bharti and DMPL India, respectively by way of preferential allotment by ATFL, in discharge of its consideration for ATFL’s 100 per cent acquisition in DMFPL.”
In its exchange filing on 14 November 2024, Agro Tech Foods mentioned that the acquisition is in line with the company’s strategic intent of creating a diversified processed food portfolio across various categories and segments and building a sustainable, diversified and profitable business.
In separate cases, the regulator approved the proposed amalgamation of SRL, Viyash, Symed, Appcure, Vindhya Pharma, Vandana, Vindhya Organics, Geninn and SV Labs with Pharmaceutical firm Sequent Scientific.
The Competition Commission of India also approved the proposed acquisition of AI Lenarco Midco by Majesty II Pte, an investment holding company of the PAG group. The statement added that AI Lenarco Midco is a Cyprus-based investment holding company of Advent International group.
