Ahmedabad: Adani Wilmar Limited (AWL), one of India’s largest food FMCG companies and the maker of the household brand ‘Fortune,’ has announced the signing of a definitive agreement to acquire G.D. Foods Manufacturing (India) Private Limited (“GD Foods”). The acquisition will occur in multiple tranches, with 80% of the shares being acquired in the first tranche, and the remaining 20% to be acquired over the next three years. GD Foods achieved a revenue of INR 386 crores in FY’24, with a 3-year CAGR of 15%, and an EBITDA of INR 32 crores.
Aligned with AWL’s vision to cater to the kitchen needs of Indian households, this acquisition offers a strategic advantage by expanding its portfolio with a broad range of value-added food products.
Founded in 1984, GD Foods’ flagship brand “Tops” has become a household name in North India over the last 40 years, offering a wide array of high-quality products, including tomato ketchup, snack sauces, specialty sauces, jams, pickles, noodles, instant mixes, corn & choco flakes, and cooking essentials like vinegar, baking powder, and corn flour. Headquartered in Delhi, GD Foods primarily serves seven states in North India and boasts a presence in over 150,000 outlets. The company also operates in-house manufacturing facilities at three locations.
Angshu Mallick, MD & CEO of Adani Wilmar Limited, shared, “As the market evolves, there is a clear need for trusted national food FMCG brands to deliver high-quality, affordable products that fulfill the essential needs of Indian kitchens. Delivering on this requires best-in-class manufacturing operations and a broad distribution reach, both of which are key strengths of AWL. The acquisition of GD Foods aligns with our vision and will significantly enlarge AWL’s offerings to meet the evolving needs of Indian households. With 8 new product categories added to our portfolio, we are laying a strong foundation to build a formidable presence in the value-added products market over time.”
“The ‘Tops’ brand is amongst the top 3 players in the tomato ketchup and pickles category. We will further invest in the brand and significantly increase the distribution reach of all its products. This acquisition will lead to a significant addition of margin-accretive products to our portfolio,” he added.
AWL’s strong infrastructure, along with its flagship brand ‘Fortune,’ built over the last 25 years, combined with Wilmar’s deep expertise in the food industry, gives the company confidence in leveraging the vast opportunity to serve every Indian household in the packaged foods category.
Nitin Seth, Vice Chairman of GD Foods, commented, “We are delighted to see ‘Tops’ become a part of AWL. For the past 40 years, we have remained committed to understanding and meeting the needs of Indian households through innovative products. Now, with AWL’s strength behind us, ‘Tops’ products will reach a much larger number of homes. We are confident that AWL will continue to delight customers and unlock the true potential of the brand.”
The acquisition is subject to customary closing conditions, with the first tranche expected to close in 60 days. The transaction will be funded by internal accruals or IPO proceeds.
