ITC to acquire Sunrise Foods.

ITC, an Indian multinational conglomerate company headquartered in Kolkata, agreed to acquire Sunrise Foods, a manufacturer of ground spices, blended spices, instant food mixes and a host of other food products. Financial terms were not disclosed. The proposed acquisition will augment the company’s product portfolio and is aligned to ITC’s aspiration to significantly scale up its Spices business and expand its footprint across the country. The deep consumer connect and distribution strength of SFPL in the focus markets, together with synergies arising out of the sourcing and supply chain capabilities of the company’s Agri Business and its pan-India distribution network, will provide significant value creation opportunities for the company.