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ITC invests Rs 131 crore in Ample Foods, boosts stake to 43.75%
AFPL is engaged in the business of manufacturing and selling ready-to-cook snacks & meals, sauces & condiments, raw & deli meat
In FY24, ITC reported a 12% growth in consumer spending on FMCG's products at Rs 32,500 crore
ITC Limited acquired 2,62,500 equity shares of Ample Foods Private Limited (AFPL) through primary subscription and secondary purchases for Rs 131 crore on Thursday.
Consequently, ITC's shareholding in AFPL stands at 43.75% of its share capital.
AFPL is engaged in the business of manufacturing and selling ready-to-cook snacks & meals, sauces & condiments, raw & deli meat, local & international marinades, cheese, and frozen foods & snacks under the brand names ‘Prasuma’ and ‘Meatigo’.
The business operations of AFPL, Chao Chao Foods Private Limited, and Meat and Spice Private Limited (‘MSPL’) together constitute the ‘Target Business’. The consolidated turnover of the Target Business for FY 2024 was Rs 131 crore, in FY23 Rs 111 crore, and in FY 22 Rs 91 crore.
The turnover of the business of fresh and chilled Deli Meats and Ready to Cook Momos, Baos, Fried Rice, and Korean fried chicken was Rs 116 crore in FY24.
In contrast, the business turnover of MSPL, that is, raw meats, premium cuts, marinades, cheese, etc, in FY24 was Rs 42 crore.
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