SFPL is a Kolkata-based family-owned company engaged primarily in the business of spices, and this acquisition
would help ITC
augment its portfolio in the segment where it is present with its brand Aashirvaad.
"The company has acquired 100 per cent of the equity share capital of Sunrise on July 27, 2020," said ITC.
Consequent to it, Sunrise and its two subsidiaries, Sunrise Sheetgrah Private Ltd and Hobbits International Foods Pvt Ltd, have become wholly-owned subsidiaries of ITC, it added.
Earlier on May 24, ITC had announced it would acquire SFPL.
Sunrise is a market leader in eastern India in the fast-growing spices category and has a brand legacy of over 70 years.
"ITC's Aashirvaad range of spices has a strong presence in Telangana and Andhra Pradesh and the company is one of India's leading producers and exporters of high-quality food-safe spices. The 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," it said.
Moreover, Sunrise consumer connect in the focus markets, together with synergies arising out of the sourcing and supply chain capabilities of the company's agribusiness and its pan-India distribution network, will provide "significant value creation opportunities" for the company, ITC said.
In FY 2019-20, Sunrise had a turnover of Rs 591.50 crore.