Adani Wilmar Ltd, the maker of Fortune edible oil, has announced the acquisition of GD Foods Manufacturing (India), the company behind the popular Tops brand of sauces and condiments. The deal values the Delhi-based company at ₹603 crore and will be executed in multiple stages.
Under the agreement, Adani Wilmar will acquire an 80% stake in the first phase, with the remaining 20% to be bought over the next three years. The initial tranche is valued at approximately ₹483 crore and will be an all-cash deal funded through internal accruals or IPO proceeds.
Adani Wilmar stated that the acquisition aligns with its strategy to expand into high-margin, value-added food products. “This acquisition strengthens our kitchen essentials portfolio and enhances our ability to deliver high-quality and affordable products to Indian households,” said Angshu Mallick, MD & CEO of Adani Wilmar.
GD Foods recorded a revenue of ₹386 crore in FY24, with an EBITDA of ₹32 crore. Its Tops brand is among the top three players in the tomato ketchup and pickles category. The acquisition will add eight new product categories to Adani Wilmar’s portfolio, further solidifying its presence in North India.
Meanwhile, Adani Group has been divesting its stake in Adani Wilmar. Recently, it sold 13.5% through the stock exchange and plans to offload the remaining stake to its joint venture partner, Wilmar International. The company is also set to rebrand itself as AWL Agri Business Ltd.
With this acquisition, Adani Wilmar continues to strengthen its position in the fast-growing Indian food and FMCG sector, capitalizing on rising demand for branded kitchen essentials.