May 30, 2020
In a media release, ITC has attained Sunrise Foods which is a market leader in eastern part of India.
ITC Limited is going to attain Kolkata-based packaged spice company “Sunrise Foods” promising that it will help to increase the sales growth.
“The proposed acquisition is aligned with ITC’s strategy to rapidly scale up its FMCG businesses in a profitable manner, leveraging its institutional strengths of deep consumer insight, a deep and wide distribution network, agri-commodity sourcing expertise, cuisine knowledge, strong rural linkages and packaging know-how,” said a company’s spokesperson.
With its manufacturing units in Kolkata, Agra, Jaipur and Bikaner, Sunrise Foods brand is aged over 70 years with a wide range customized according to the regional tastes and preferences, both in the basic as well as blended spice subdivisions. ITC’s Aashirvaad range of spices is already a market leader in southern states of Andhra Pradesh and Telangana.
ITC informed that the share purchase agreement was finalized and all related documentations got completed during lockdown which indicates ITC’s dexterity and resilience in dealing with the new normal.
Along with acquisition of Sunrise Foods, ITC has introduced a new cleansing product “NimWash Vegetable and Fruit”. This cleansing agent super wash is priced at Rs. 99 for a 500 ml pack.
ITC said hygiene plays a pivotal role in well-being today and is increasingly becoming a more widespread conversation and an immediate priority. The pandemic is changing consumer behaviour by resetting and reshaping perspectives, the company said.
ITC said the launch addresses an emerging consumer need to clean fresh produce properly once it reaches consumer homes.
Sameer Satpathy, chief executive, personal care products business division, ITC Ltd, said, consumers’ sensitivity to health and hygiene is at a heightened level.
“ITC’s first 100% natural action Vegetable and Fruit wash is a consumer’s delight as it delivers on effectiveness with the power of natural ingredients. Our endeavour always has been to identify and serve emerging consumer need, in a manner which helps consumers in these challenging times,” he said.