Adani Wilmar has signed an agreement to acquire GD Foods Manufacturing (India). The acquisition will be executed in multiple tranches, with 80% of the shares to be acquired in the first tranche, and the remaining 20% to be acquired over the next three years. In FY’24, GD Foods achieved a revenue of INR 386 crore and recorded an EBITDA of INR 32 crores.

GD Foods was founded in 1984. It owns the brand Top, which is popular in North India. Its product portfolio includes tomato ketchup, snack sauce, specialty sauces and culinary sauces, jams, pickles, noodles, instant mixes, corn and choco flakes and cooking essentials such as vinegar, baking powder, cake mix, corn flour. 

Angshu Mallick, MD and CEO, Adani Wilmar, said, “As the market evolves, there is a clear need for trusted national food FMCG brands to deliver high-quality, affordable products that fulfill the essential needs of Indian kitchens. Delivering on this requires best-in-class manufacturing operations and a broad distribution reach, both of which are key strengths of AWL. The acquisition of GD Foods aligns with our vision and will significantly enlarge AWL’s offerings to meet the evolving needs of Indian households. With eight new product categories added to our portfolio, we are laying a strong foundation to build a formidable presence in the value-added products market over time.”

He added, "The 'Tops' brand is amongst the top three players in the tomato ketchup and pickles category. We will further invest in the brand and significantly increase the distribution reach of all its products. This acquisition will lead to the significant addition of the margin-accretive products in our portfolio. AWL’s strong infrastructure and brand ‘Fortune’ built over last 25 years, along with Wilmar’s deep expertise in the food industry gives us confidence that we can leverage the massive opportunity of serving every Indian household in packaged foods category,”

Nitin Seth, vice chairperson, GD Foods, added, “We are delighted to see ‘Tops’ become a part of AWL. For the past 40 years, we have remained committed to understand and meet the needs of Indian households through innovative products. Now, with AWL’s strength behind us, ‘Tops’ products will reach a much larger number of homes. We are confident that AWL will continue to delight customers and unlock the true potential of the brand.”

The acquisition is subject to meeting customary closing conditions, with the first tranche expected to close in 60 days.