Agro Tech Foods, the owner of brands like ACT II popcorn and Sundrop, has finalized its acquisition of Del Monte Foods from Bharti Enterprises through a share-swap agreement. However, the company has not disclosed the transaction’s value.
In a statement, Agro Tech Foods Ltd (ATFL) stated that acquiring Del Monte Foods Pvt Ltd (DMFPL) strengthens its presence in India’s food and FMCG market.
“With this, Bharti and 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 a 21 per cent stake and DMPL having 14 per cent stake in ATFL,” it said.
ATFL has also appointed Harjeet Kohli, Joint Managing Director of Bharti Enterprises, as a director on its board.
According to the filing, the combined revenue of ATFL and DMFPL stood at ₹1,300 crore in FY24, with DMFPL contributing approximately 40% of the total.
DMFPL was previously a joint venture, with Bharti Enterprises holding a 59.29% stake, while DMPL India, a subsidiary of Del Monte Pacific, owned the remaining 40.71%.
ATFL’s acquisition of DMFPL marks a strategic expansion in the Indian FMCG sector, strengthening its portfolio and market presence. With the integration of Del Monte Foods, the company aims to drive growth and enhance its offerings in the packaged food segment.
