ITC wraps up acquisition of Sunrise Foods in all-cash deal valued at Rs 2,150 crore

MUMBAI: ITC has completed its acquisition of spices manufacturer Sunrise Foods Private Ltd (SFPL) in an all-cash deal valued at Rs 2,150 crore, part of its strategy to boost packaged foods division and drive synergies in sourcing and supply chain from its agri-business arm.

“The acquisition will augment the company’s product portfolio and is aligned to ITC’s aspiration to significantly scale up its spices business and expand its footprint across the country,” said ITC that sells cookies, staples and snacks under several brands, including Sunfeast and Aashirvaad. Founded in 1975, Sunrise, a Kolkata-based, family-owned, firm clocked Rs 592 crore of revenue during FY20. In May, ITC had announced it would buy SFPL, but had not disclosed the deal size.

Sales of sauces, dressings and condiments are estimated to be around Rs 18,000 crore driven by urban consumers increasingly switching from unpackaged to packaged variants.


Within the spices category, Everest brand is the market leader, followed by MDH.