Cyril Amarchand Mangaldas advises ITC Limited (ITC) on acquisition of 100% stake in Sunrise Foods Private Limited

Cyril Amarchand Mangaldas acted as the transaction counsel to ITC Limited (ITC) in relation to its acquisition of 100% stake in Sunrise Foods Private Limited (Sunrise Foods). Sunrise Foods is a leading manufacturer of spices, with strong presence in eastern India, and sells its product range under the brand “Sunrise”.

The M&A, Real Estate and Employment Law Teams at Cyril Amarchand Mangaldas advised on the Transaction.

The Transaction Team was led by Ramgovind Kuruppath, Partner; with support from Megha Krishnamurthi, Associate; Surabhi Saboo, Associate; and Smriti Tripathi, Associate.

Due Diligence

• Corporate Due Diligence and Advisory was led by Ramgovind Kuruppath, Partner, with support from Megha Krishnamurthi, Associate; Smriti Tripathi; Associate, Anushka Jain, Associate; and Surabhi Saboo, Associate.
• Real Estate Due Diligence and Advisory was led by Ashish Jain, Partner; with support and assistance from Prayaas Sharma, Associate; and S. Siddhant, Associate.
• Employment Law Due Diligence and Advisory was led by Richa Mohanty Rao, Partner with support from Anna Thomas, Consultant; Akshat Sahajpal, Associate; and Vani Sharma, Associate.
• Corporate Secretarial Due Diligence team included Vidhi Doshi, Senior Manager – Corporate Secretarial Services; Mihir Sangani, Executive – Corporate Secretarial Services; Charmi Sanghvi, Executive – Corporate Secretarial Services; and Rasika Bharadkar, Executive – Corporate Secretarial Services.

This is a significant transaction in the FMCG space and is aligned with ITC’s strategy to rapidly scale up its FMCG Businesses in a profitable manner, leveraging its institutional strengths viz. deep consumer insight, a deep and wide distribution network, agri-commodity sourcing expertise, cuisine knowledge, strong rural linkages and packaging know-how.

Other advisors to the Transaction included JM Financial Limited.

The Share Purchase Agreement was signed on May 23, 2020.