Agro Tech Foods Limited (ATFL)known for brands like ACT II popcorn and Sundrop oils, announced today its acquisition of Del Monte Foods Private Limited (DMFPL) in India, along with plans to rebrand itself as Sundrop Brands. The deal, subject to required approvals, will grant ATFL exclusive perpetual rights to the Del Monte brand in India.
The shares of Agro Tech Foods Limited (ATFL) were trading at ₹1,002.60, down by ₹33.40 or 3.22 per cent on the NSE today at 1:40 pm.
DMFPL, currently a joint venture between Bharti (59.29 per cent) and DMPL India Limited (40.71 per cent), will be acquired through a share-swap arrangement, making both Bharti and Del Monte Pacific Limited significant public shareholders in ATFL.
The company has appointed Nitish Bajaj as Group Managing Director to lead the expanded organization. Bajaj brings 28 years of consumer products experience, including previous roles at Piramal and CEAT Tyres.
The acquisition includes Del Monte’s manufacturing facilities in Hosur, Tamil Nadu, and Ludhiana, Punjab. ATFL will add Del Monte’s product portfolio of Italian foods, sauces, ketchup, dips, spreads, and beverages to its existing product line.
ATFL CEO Asheesh Kumar Sharma stated that the partnership aligns with their vision of bringing innovative food experiences to modern consumers. Harjeet Kohli, Joint Managing Director of Bharti Enterprises, noted that the transaction would leverage synergies to enhance the platform’s scale and margin profile.