Adani Wilmar shares surged 6% on March 5 after the company announced a definitive agreement to acquire GD Foods Manufacturing (India) Private Ltd., the maker of the popular ‘Tops’ brand. As of 11:00 AM, Adani Wilmar shares were trading at ₹254.5, reflecting a 6% rise.
Adani Wilmar Shares to Fully Acquire ‘Tops’ Maker in 3 Years, Shares Rally 6%
The acquisition will be executed in phases, with Adani Wilmar initially acquiring an 80% stake in GD Foods, while the remaining 20% will be purchased over the next three years. This strategic move is expected to strengthen Adani Wilmar’s position in the processed food segment, further expanding its footprint in the fast-growing FMCG market.
The company plans to finance the transaction through internal accruals or proceeds from its initial public offering (IPO) last year. GD Foods’ ‘Tops’ brand is among the top three players in the tomato ketchup and pickles category in India.
In a stock exchange filing, Adani Wilmar stated, “The acquisition is subject to customary closing conditions, with the first tranche expected to be completed within 60 days. The transaction will be funded through internal accruals or IPO proceeds.”
Expressing enthusiasm about the deal, Nitin Seth, Vice Chairman of GD Foods, said, “We are delighted to see ‘Tops’ become a part of Adani Wilmar. For the past 40 years, we have remained committed to understanding and meeting the needs of Indian households through innovative products. Now, with AWL’s strength behind us, ‘Tops’ products will reach a much larger number of homes.”
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