Agro Tech Foods Clinches Del Monte India in Landmark Acquisition

Agro Tech Foods, backed by Samara Capital, has received approval from the Competition Commission of India to acquire the Indian operations of Del Monte Foods from Bharti Enterprises. This acquisition, valued at Rs 1,300 crore, will make Del Monte a wholly owned subsidiary of Agro Tech, with Bharti becoming the second-largest shareholder.

The Competition Commission of India (CCI) granted approval for Agro Tech Foods, supported by Samara Capital, to acquire Indian operations of Del Monte Foods from Bharti Enterprises, a firm helmed by billionaire Sunil Bharti Mittal. This strategic acquisition was valued at Rs. 1,300 crore.

Under this transaction, Agro Tech Foods, engaged in the food product manufacturing sector, will gain complete control over Del Monte's Indian operations. Consequently, Del Monte Foods Pvt Ltd will transition into a fully owned subsidiary, while Bharti Enterprises retains substantial influence as the second-largest shareholder.

The amalgamation will also confer Agro Tech Foods with an exclusive, perpetual license to the Del Monte brand in India, marking a significant shift in the country's packaged foods market. Notably, Bharti's venture into the food sector began in 2004 with FieldFresh Foods, eventually evolving into this landmark deal with Del Monte.

(With inputs from agencies.)