Cyril Amarchand Mangaldas advises ITC Limited on acquiring spice business
Cyril Amarchand Mangaldas advises ITC Limited on acquiring spice business The M&A, Real Estate and Employment Law Teams at Cyril Amarchand Mangaldas advised on the transaction Cyril Amarchand Mangaldas, India's largest law firm, advised ITC Limited as the transaction counsel in its acquisition of 100 per cent stake in Sunrise Foods Pvt Ltd. The all case deal worth ₹2,150 crore...
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Cyril Amarchand Mangaldas advises ITC Limited on acquiring spice business
The M&A, Real Estate and Employment Law Teams at Cyril Amarchand Mangaldas advised on the transaction
Cyril Amarchand Mangaldas, India's largest law firm, advised ITC Limited as the transaction counsel in its acquisition of 100 per cent stake in Sunrise Foods Pvt Ltd.
The all case deal worth ₹2,150 crore was finalised in May last year.
Kolkata-based Sunrise Foods is a leading manufacturer of spices, with a strong presence in eastern India, and sells its product range under the brand "Sunrise".
The M&A, Real Estate and Employment Law Teams at Cyril Amarchand Mangaldas advised on the Transaction.
The family-owned Sunrise Foods had been in the spice business for the past seven decades.
The Cyril Amarchand Mangaldas transaction team was led by Ramgovind Kuruppath, Partner. He was supported by Associates Megha Krishnamurthi, Surabhi Saboo and Smriti Tripathi.
ITC Limited was already in the spice business under its brand Ashirwad and is a market leader in Telangana and Andhra Pradesh. This is a significant transaction in the FMCG space and is aligned with ITC's strategy to rapidly scale up its FMCG Businesses in a profitable manner, leveraging its institutional strengths viz. deep consumer insight, a deep and wide distribution network, agri-commodity sourcing expertise, cuisine knowledge, strong rural linkages and packaging know-how.
The acquisition of Sunrise Foods would further augment ITC's portfolio in the segment.
Sunrise Foods and its two subsidiaries, Sunrise Sheetgrah Pvt Ltd and Hobbits International Foods Pvt Ltd, have become wholly-owned subsidiaries of ITC.
Details of the Cyril Amarchand Mangaldas transaction team:
• Corporate Due Diligence and Advisory was led by Ramgovind Kuruppath, Partner, with support from Associates Megha Krishnamurthi, Smriti Tripathi, Anushka Jain and Surabhi Saboo.
• Real Estate Due Diligence and Advisory was led by Ashish Jain, Partner, with support and assistance from Prayaas Sharma and S. Siddhant, both Associates.
• Employment Law Due Diligence and Advisory was led by Richa Mohanty Rao, Partner, with support from Anna Thomas, Consultant; and Associates Akshat Sahajpal and Vani Sharma.
• Corporate Secretarial Due Diligence team included Vidhi Doshi, Senior Manager - Corporate Secretarial Services; Mihir Sangani, Charmi Sanghvi, and Rasika Bharadkar, all Executive - Corporate Secretarial Services.
Other advisors to the transaction included JM Financial Limited.
