ITC Limited has acquired 100% stake in Meat and Spice Private Limited (MSPL) and Ample Food Private Limited (AFPL) (and its wholly owned subsidiary, Chao Chao Foods Private Limited).
Cyril Amarchand Mangaldas advised ITC on this acquisition.
The transaction team was led by S. Harish, Partner, with support from Megha Krishnamurthi, Principal Associate; Nikita Singhi, Senior Associate; and Varnika Pasricha, Associate.
The due diligence was led by S. Harish, Partner; with support from Megha Krishnamurthi, Principal Associate; Nikita Singhi, Senior Associate; Achyutha G M, Associate; Varnika Pasricha, Associate; and Rahi Dhuvad, Associate.
The employment due diligence was led by Bishen Jeswant, Partner; with support from Krithika Radhakrishnan, Principal Associate; Rachita Shah, Associate; Shivika Gupta, Associate; and Keshab Choudhury, Associate.
Ramgovind Kuruppath, Partner; provided strategic inputs.
Shardul Amarchand Mangaldas & Co advised Ample Foods on this transaction.
The transaction team was led by Natashaa Shroff (Partner), Deepa Rekha (Partner), Neha Pilay (Senior Associate), Devangana Mandal (Associate) and Adwaita Bhattacharyya (Associate).
Shreya Jain (Partner) advised on the deal from a litigation perspective.
MSPL and AFPL specialize in manufacturing and selling ready-to-cook snacks and meals, sauces and condiments, raw and deli meat, local and international marinades, cheese, and frozen foods under the brand names Prasuma and Meatigo.
The acquisition is proposed to be completed over a period of 3 years, by way of primary and secondary means. The first tranche of 43.8% stake shall be acquired upfront and balance stake will be acquired, in tranches, by June, 2028 subject to conditions as stated in the definitive agreements.
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