Agro Tech Foods Limited (ATFL) has officially completed its acquisition of Del Monte Foods Pvt Ltd (DMFPL), marking a significant expansion in its product offerings. The acquisition, disclosed in a stock exchange filing on Thursday, strengthens ATFL’s position in the Indian food market.
The combined turnover of ATFL and DMFPL in FY24 stood at Rs 1,300 crore, with DMFPL contributing approximately 40% of the total revenue. As part of the acquisition, Bharti has emerged as the second-largest shareholder in ATFL with a 21% stake, while Del Monte Pacific Limited (DMPL) now holds a 14% stake in the company.
Following the transaction, ATFL has appointed Harjeet Kohli, Joint Managing Director of Bharti Enterprises, as a director on its board. The acquisition grants ATFL an exclusive and perpetual license for the Del Monte brand in India, further enhancing its food portfolio, which now includes Italian foods, condiments, packaged fruits, and beverages.
A key asset in this acquisition is the state-of-the-art manufacturing and R&D facility in Hosur, Tamil Nadu. This facility will bolster ATFL’s operational capabilities, enabling product innovation, stringent quality control, and a more robust market distribution network.
Commenting on the acquisition, Nitish Bajaj, Group Managing Director of Agro Tech Foods Limited, stated that the strategic partnership will allow the company to offer a broader range of food products and accelerate growth, creating significant value for stakeholders.
The deal marks a major milestone in ATFL’s expansion strategy, positioning it as a stronger player in India’s growing food industry.