Sunrise Foods, a spice maker sold to ITC, sold for Rs 2150 crore
Sunrise is the largest spice company in Eastern India. Sunrise is a 70 year old brand.
ITC, a giant operating in cigarettes to hotels and MFCG business, has bought spice company Sunrise Foods Pvt. The entire deal is done in cash and ITC has spent Rs 2150 crore for it. According to ITC, it has bought all the shares of Sunrise Foods Pvt Ltd (SFPL) for Rs 2150 crore. The entire deal is done on a cash-free, debt-free basis. On 27 July, ITC bought all the equity shares of Sunrise Foods Private Limited.
Sunrise brand is 70 years old
The deal will make Sunrise and its two subsidiaries Sunrise Coldhouse Pvt Ltd and Hobbits International Foods Pvt Ltd a wholly owned subsidiary of ITC. ITC announced on 24 May that it was going to acquire SFPL. Sunrise is the largest spice company in Eastern India. Sunrise is a 70 year old brand.
ITC will strengthen in Eastern India’s food market
ITC has said that the spices of its blessing range have a very good presence in Telangana and Andhra. The company is one of the largest producer and exporter of high quality spices. Sunrise currently has factories in Kolkata, Agra, Jaipur and Bikaner. With the acquisition of Sunrise Foods, ITC will be able to further expand its presence in a large part of the country. During the financial year 2019-20, the turnover of Sunrise Foods was Rs 591.50 crore.
ITC is included in the list of Forbes 2000 companies
ITC has been active in the tobacco and cigarette business for a long time. After this, it entered the hotel business. About two decades ago, it entered the business of FMSG products and made food products under it. ITC’s food products have become quite popular now and have a good presence in the market. In 2010, the company completed 100 years of its establishment. It has 30 thousand employees in 60 centers across the country. It is also included in the Forbes 2000 companies list.
