ITC, one of India’s largest consumer goods companies, on February 6, announced that it has signed definitive agreements to acquire 100% stake in Prasuma over a three-year period, the company announced through an exchange filing.
The first tranche of 43.8% will be acquired upfront. The remaining stake will be taken in phases until June 2028. The valuation of the deal will be based on predefined criteria.
“We are delighted to back Prasuma and look forward to jointly building an unparalleled, full stack frozen, chilled and ready to cook foods portfolio. With Good-for-You, first-to-market products, across cuisines, we believe that the combined portfolio will delight our discerning consumers. This investment reaffirms our commitment to building future facing, best in class, innovative portfolios,” said Hemant Malik, Wholetime Director, ITC Limited.
Prasuma is a well-known name in oriental cuisine, delicatessen, and premium raw meats. Its portfolio includes over 170 products, featuring frozen items like momos, baos, Korean fried chicken, and Japanese fried rice.
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Prasuma operates under three key brands which include – Prasuma, Meatigo by Prasuma, and Prasuma Momo Kitchen.
Lisa Suwal, CEO and Siddhant Wangdi, COO of Prasuma, said, “We are extremely proud of what we have built and excited to join hands with ITC to drive the next phase of growth. The overwhelming support and love for our products from consumers have always inspired us. ITC shares our commitment to quality and innovation, making them the perfect partner. Frozen food is a category of the future. With Prasuma’s strength in manufacturing and innovation, combined with ITC’s expertise in distribution and building new-age brands, we are excited about the significant value that this collaboration will create for consumers in India and globally.”
ITC share performance
ITC’s share price closed at Rs 442.75 on Thursday, down 1.20%.
The company’s market capitalisation stands at Rs 5.52 lakh crore. Its 52-week high is Rs 528.50, while the 52-week low is Rs 399.35.
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