Agro Tech completes acquisition of Del Monte
Agro Tech Foods Limited (ATFL) has completed its acquisition of Del Monte Foods Pvt Ltd (DMFPL), it said in a stock exchange filing Thursday. ATFL and DMFPL had a combined turnover of Rs 1,300 crore in FY24, about 40% of which is on account of DMFPL, the filing said.
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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% stake. DMPL now has 14% stake in ATFL, the companies said in the filing.
ATFL also appointed Harjeet Kohli, joint MD Bharti Enterprises, as a director on the board of ATFL. “The partnership brings Del Monte’s diverse portfolio of food products, including its 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,” the statement added.
The state-of-the-art manufacturing and R&D facility in Hosur, Tamil Nadu, a key Del Monte asset, will enhance ATFL’s operational capabilities, enabling product innovation, quality control and enhanced market distribution, it added.
Nitish Bajaj, group MD of Agro Tech Foods Limited, said as part of the statement:“This strategic partnership strengthens our ability to offer a broader range of food products. We are well-positioned to accelerate growth and create significant value for our stakeholders.”
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