Adani Wilmar, the FMCG giant behind the ‘Fortune’ brand, has signed a definitive agreement to acquire GD Foods, the company that owns the popular ‘Tops’ brand, known for its sauces and pickles.
In a stock exchange filing on March 4, Adani Wilmar announced that the acquisition will be completed in phases. The company will first acquire 80% of GD Foods' shares, with the remaining 20% to be acquired over the next three years.
The deal aligns with Adani Wilmar’s strategy to expand its product portfolio and strengthen its position in the value-added food segment. The company plans to fund the acquisition through internal accruals or IPO proceeds.
With ‘Tops’ being among the top three brands in the tomato ketchup and pickles market, Adani Wilmar aims to further expand its distribution and enhance its market reach. The acquisition will also introduce a wide range of high-margin products to Adani Wilmar’s portfolio, reinforcing its presence in the kitchen essentials category.
Angshu Mallick, MD & CEO of Adani Wilmar, said, “This acquisition supports our vision of offering a diverse range of products to Indian households. With eight new product categories added to our portfolio, we are building a strong foundation for long-term growth in the value-added food market.”