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Agro Tech Foods Limited, ATFL, announced the successful completion of its acquisition of Del Monte Foods Private Limited (DMFPL), marking a significant milestone in its expansion strategy.
ATFL and DMFPL had a combined turnover of Rs 1,300 crore in FY24, 40 per cent of which is on account of DMFPL with its contribution to the EBITDA of the combined entity in FY24 at 38 per cent, a release said. ATFL's completion of the acquisition of DMFPL solidifies the company's position as a leading player in India's food and FMCG sector, it said. With this, Bharti and Del Monte Pacific Limited (DMPL), have become shareholders of ATFL following the completion of a preferential allotment of equity shares of ATFL, with Bharti becoming the second largest shareholder with 21 per cent stake and DMPL having 14 per cent stake in ATFL, the release said. ATFL has also appointed Harjeet Kohli, Joint MD Bharti Enterprises, as a director on the board of ATFL, a move initiated by ATFL to further strengthen the Board. The partnership brings Del Monte's diverse portfolio of food products, including its popular Italian foods, condiments, packaged fruits, and beverages, under ATFL's expanding umbrella. Additionally, ATFL now holds an exclusive and perpetual license for the Del Monte brand in India, ensuring continued growth and long-term brand equity. "The state-of-the-art manufacturing and R&D facility in Hosur, Tamil Nadu, a key asset in Del Monte's success, will further enhance ATFL's operational capabilities, enabling new product innovation, quality control, and enhanced market distribution," the release said. "This partnership aligns with ATFL's commitment to deliver innovative, delicious and convenient food solutions to consumers across India, in both the retail and business-to-business segments, including quick-service restaurants and institutional buyers," it added. Commenting on the successful completion of the acquisition, Nitish Bajaj, Group MD of Agro Tech Foods Limited, said they are excited to formally welcome Del Monte India into the ATFL family. "This strategic partnership strengthens our ability to offer a broader range of high-quality food products to Indian consumers. With Del Monte's strong brand recognition and our expertise in food innovation and distribution, we are well-positioned to accelerate growth and create significant value for our stakeholders," he said. Abhinav Kapoor, CEO and Whole Time Director of Del Monte Foods Private Limited, said the combination of the soon to be rebranded Sundrop Brands and Del Monte Foods Pvt Limited marks a strategic milestone, unlocking new avenues of growth for the business. "We are confident that by capitalizing on the emerging demand, leveraging our distribution network and enhancing our operational efficiency, we can drive significant growth across product categories. This will not only boost sales but also create exciting opportunities for Del Monte employees, while delivering greater value to our customers and stakeholders," he added. (ANI)
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