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- Agro Tech Foods Rebrands itself as Sundrop Brands
- Appoints Nitish Bajaj as Group Managing Director
- Acquires Del Monte Foods Private Limited hence enhancing market presence and brand portfolio, making Bharti and DMPL significant public shareholders in ATFL
Gurgaon. Agro Tech Foods Limited (BSE: 500215, NSE: ATFL) (“ATFL” or “Company”), a leading player in India’s food and edible oils industry and widely recognized for its popular brands like ACT II popcorn and Sundrop, today announced the acquisition of 100% stake of Del Monte Foods Private Limited (“DMFPL”), subject to required approvals. This transaction, approved by ATFL’s board, adds an established portfolio of food products under ATFL’s umbrella, marking a significant step forward in the Company’s expansion plans. In tandem with this development, the Company proposes to rebrand itself as Sundrop Brands, reflecting a renewed commitment to its growth aspirations under new ownership.
DMFPL is a joint venture between the Bharti owning 59.29% and DMPL India Limited (owned by Del Monte Pacific Limited) owning 40.71%. 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, ensuring long-term access to this trusted brand for its growing consumer base.
DMFPL’s product line-up, including the Italian range, sauces, ketchup, dips and spreads, and beverages, complements ATFL’s product portfolio with focus on high-quality, innovative food solutions. The strategic transaction is expected to further enhance ATFL’s 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 R&D facility in Hosur, Tamil Nadu and in Ludhiana, Punjab. Known for its commitment to product innovation and quality, this state-of-the-art facility will play a key role in supporting the Company’s expansion and the development of new product lines tailored to Indian consumers.
New Leadership: 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. His previous roles include CEO of the Consumer Products Division at Piramal, Senior Vice President of Marketing at CEAT Tyres, and leadership roles with Reckitt Benckiser, Ranbaxy Global Consumer Healthcare, and Heinz India.
Asheesh Kumar Sharma, CEO and Executive Director of Agro Tech Foods Limited, stated, “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. Working closely with Nitish Bajaj, we intend to deliver maximum value to all stakeholders through our enhanced mission of creating innovative, delicious and convenient food solutions for the modern consumer.”
Harjeet Kohli, Joint Managing Director of Bharti Enterprises stated, “Bharti is excited to announce the combination of ATFL and Del Monte Foods Private Limited, 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. We look forward to the exciting journey ahead, with all engines fired up for accelerated growth.”
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