Agro Tech Foods' acquisition of Bharti Group-Del Monte JV firm gets CCI nod
Competition Commission of India (CCI) on Tuesday approved three deals, including the acquisition of Del Monte Foods--a joint venture between the Bharti Group and Del Monte Pacific--by Agro Tech Foods.
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Bharti had held 59.29% in the JV and Del Monte Pacific the rest.
The acquisition was valued at Rs 1,300 crore, according to a November 2024 exchange filing by Agro Tech Foods, which owns brands, including ACT II popcorn and Sundrop. With this transaction, Bharti and Del Monte Pacific will receive shares of Agro Tech Foods as consideration and will become its public shareholders.
In a statement, the antitrust regulator said 20.95% equity shares in Agro Tech Foods will be issued to Bharti and 14.39% to Del Monte Pacific by way of a preferential allotment.
The acquired entity will become a wholly-owned subsidiary of Agro Tech Food.
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