Agro Tech Foods Acquires Del Monte Foods from Bharti Enterprises

New Delhi, Feb 6 (PTI) Agro Tech Foods, which owns brands such as ACT II popcorn and Sundrop, on Thursday announced completion of its deal to acquire Del Monte Foods from Bharti Enterprises through a share-swap deal.

The company did not disclose the deal value.

Agro Tech Foods Ltd's (ATFL) acquisition of Del Monte Foods Pvt Ltd (DMFPL) solidifies its position in India's food and FMCG sector, the company said in a statement.

"With this, Bharti and DMPL, have become shareholders of ATFL following the completion of a preferential allotment of equity shares of ATFL, with Bharti becoming the second largest shareholder with 21 per cent stake and DMPL having 14 per cent stake in ATFL," it said.

ATFL has also appointed Harjeet Kohli, Joint MD Bharti Enterprises, as director on the board of ATFL.

ATFL and DMFPL had a combined turnover of Rs 1,300 crore in FY24, about 40 per cent of which is on account of DMFPL, the filing said.

DMFPL, is a joint venture with Bharti Enterprises owning 59.29 per cent stake and rest 40.71 per cent held by DMPL India -- a step-down unit of Del Monte Pacific.