ITC Expands Frozen Food Business with Prasuma and Meatigo Acquisitions

ITC is set to strengthen its presence in the frozen and ready-to-cook food market by acquiring the ‘Prasuma’ and ‘Meatigo’ brands. The company has signed agreements to take full ownership of Prasuma, a well-known player in this segment, over the next three years.

Prasuma, which operates under brands like ‘Prasuma,’ ‘Meatigo by Prasuma,’ and ‘Prasuma Momo Kitchen,’ specializes in oriental cuisine, including momos, baos, Korean fried chicken, deli meats, and other ready-to-eat products. The company offers a wide range of over 170 products, focusing on high-quality and innovative food options.

According to ITC, this acquisition will boost its position in the fast-growing frozen food market in India, which is currently valued at over Rs 10,000 crore. ITC has been operating in this space since 2019 under its ‘ITC Master Chef’ brand and believes that integrating Prasuma will make it a comprehensive player in the segment. With this deal, ITC aims to offer a diverse portfolio of meals and snacks catering to different consumer preferences throughout the day.

“We are excited to collaborate with Prasuma and build a strong portfolio of frozen, chilled, and ready-to-cook foods,” said ITC Wholetime Director Hemant Malik. “This investment highlights our commitment to bringing innovative and high-quality food products to the market.”

As part of the agreement, ITC will acquire 100% of Ample Foods, along with its subsidiaries Chao Chao Foods and Meat and Spice Pvt Ltd. These companies manufacture and sell a variety of food products, including ready-to-cook meals, snacks, sauces, deli meats, marinades, and frozen foods under the Prasuma and Meatigo brands.

The financial details of the deal reveal that ITC will initially acquire a 62.5% stake in Ample Foods through an investment of Rs 187 crore. This includes an initial investment of Rs 131 crore by March 2025 and an additional Rs 56 crore by April 2027. The company plans to fully acquire Ample Foods and its subsidiaries by June 2028, based on a pre-agreed valuation.

With this strategic move, ITC aims to capitalize on the rising demand for convenient and high-quality frozen and ready-to-cook foods in India, further solidifying its position in this growing industry.