Our Terms & Conditions | Our Privacy Policy
Shares of Adani Wilmar Limited (AWL) surged over 4% to ₹249.80 in early trade on Tuesday following the announcement of its acquisition of G.D. Foods Manufacturing (India) Private Limited, the owner of the renowned “Tops” brand. The deal, which will be executed in phases, will see AWL acquire an 80% stake initially, with the remaining 20% to be acquired over the next three years.
In FY24, GD Foods reported a revenue of ₹386 crore, reflecting a three-year CAGR of 15%, with an EBITDA of ₹32 crore. The acquisition is expected to strengthen AWL’s product portfolio in the sauces and pickles segment, expanding its footprint in the Indian packaged foods market. Tops, a well-established brand in North India, offers a diverse range of products including tomato ketchup, sauces, jams, pickles, noodles, instant mixes, and cereals, with a retail network spanning over 150,000 outlets.
Adani Wilmar’s MD & CEO, Angshu Mallick, highlighted that this acquisition aligns with AWL’s strategy to cater to Indian kitchen needs with high-quality and affordable products. Additionally, it will bring in high-margin value-added products, boosting AWL’s presence in the FMCG sector.
The transaction will be funded through internal accruals or IPO proceeds and is expected to close within 60 days, subject to necessary approvals. AWL’s robust infrastructure and Fortune brand, coupled with Wilmar’s global expertise, are anticipated to accelerate the growth of Tops in India.
Nitin Seth, Vice Chairman of GD Foods, expressed confidence that AWL’s expertise and distribution network will help expand the Tops brand, ensuring stronger market penetration.
Stock performance:
- Current price: ₹249.80 (+4.14%)
- Previous close: ₹239.87
- Day’s range: ₹245.60 – ₹252.89
- Market cap: ₹32,514 crore
- 52-week range: ₹231.55 – ₹403.95
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Aggregated From –
Comments are closed.