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By Bizlytik

ITC Limited has announced its intention to acquire the spice-making company Sunrise Foods Pvt. Ltd (SFPL). The move is a significant development that will help the company strengthen its position in India’s rapidly evolving fast-moving consumer goods (FMCG) market.

ITC Limited has finalized a share purchase agreement to acquire a hundred percent of the equity share capital of SFPL, a Kolkata-based company primarily engaged in the product distribution of spices under the trademark Sunrise. The acquisition will help ITC expand its regional FMCG business and an already extensive product line involving several products from packaged foods to personal care products.

Sunrise Foods Pvt. Ltd, with a market presence and experience exceedingly more than 100 years, has a strong market position in the rapidly-evolving spices sector of the eastern part of India, with secure rural linkage for procurement of raw materials and extensive agriculture-commodity sourcing expertise with evolved packaging experience. While already making inroads into overseas markets such as Nepal and Bangladesh, Sunrise Foods has been touted to engage in business opportunities in high-growth locations. The company is poised to interact in areas such as Malaysia, Thailand, Singapore, Japan, and other Western countries, including the United Kingdom, France, Germany, and the United States.

The company representatives have stated that the proposed acquisition is in line with the company strategy to scale up its business in the spices market through a more comprehensive distribution network and strong cuisine expertise. The company already markets spices products under its Aashirvaad brand, with the acquisition set to further strengthen its footprint in the vastly evolving spices market scenario in the region. ITC has already been scaling its spices business in demand-rich areas such as Andhra Pradesh and Telangana, with the company already aspiring to become a significant producer and exporter of premium-quality spices.