“Aligned with our vision to cater to the kitchen needs of Indian households, this acquisition offers a strategic advantage by expanding our portfolio with a broad range of value-added food products,” Adani Wilmar said.
Founded in 1984, GD Foods’ brand, Tops, has built a strong reputation as a household brand in North India over the last 40 years, offering quality products in categories spanning across tomato ketchup, snack sauce, specialty and culinary sauces, jams, pickles, noodles, instant mixes, corn and choco flakes and cooking essentials such as vinegar, baking powder, cake mix, corn flour.
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Headquartered in Delhi, the company’s sales are mainly concentrated in seven states in North India, with a retail presence across more than 150,000 outlets. It also maintains in-house manufacturing facilities at three locations.
The acquisition is subject to meeting customary closing conditions, with the first tranche expected to close in 60 days. The transaction will be funded by internal accruals or IPO proceeds.
For Adani Wilmar, the transaction was supported by KPMG India Corporate Finance as financial advisor, PricewaterhouseCoopers Services LLP as the due diligence advisor, and Cyril Amarchand Mangaldas as legal counsel. For GD Foods, Equirus Capital acted as financial advisor and J Sagar Associates as legal advisor.
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Angshu Mallick, MD and CEO of Adani Wilmar, said, “As the market evolves, there is a clear need for trusted national food FMCG brands to deliver high-quality, affordable products. The acquisition of GD Foods aligns with our vision and will significantly enlarge AWL’s offerings to meet the evolving needs of Indian households.”
Shares of Adani Wilmar Ltd ended at ₹239.80, down by ₹2.75, or 1.13%, on the BSE.
(Edited by : Shoma Bhattacharjee)
