Adani Wilmar to acquire Tops Maker GD Foods for ₹603 cr

Adani Wilmar Ltd, the maker of Fortune edible oil, is set to acquire GD Foods Manufacturing (India), the company behind the popular Tops brand of sauces and condiments, in a ₹603 crore deal. This strategic move expands Adani Wilmar’s presence in the value-added food segment, adding eight new product categories to its portfolio.

Adani Wilmar Ltd, the maker of Fortune edible oil, announced its acquisition of GD Foods Manufacturing (India), known for its Tops range of sauces and condiments, in a deal valued at ₹603 crore. The acquisition will take place in multiple tranches, with Adani Wilmar acquiring 80% of the shares initially and the remaining 20% over the next three years. The first tranche values GD Foods at ₹603 crore, with an estimated deal size of ₹483 crore. Adani Wilmar will complete the transaction through an all-cash deal, funded by internal accruals or IPO proceeds.

Adani Wilmar stated that this acquisition aligns with its strategy to expand into value-added food products with high gross margins. The move strengthens its portfolio by adding eight new product categories, reinforcing its position in the kitchen essentials segment. The company highlighted that GD Foods’ ‘Tops’ brand ranks among the top three in the tomato ketchup and pickles category. In the 2023-24 financial year, GD Foods recorded ₹386 crore in revenue and ₹32 crore in EBITDA.

Angshu Mallick, MD & CEO of Adani Wilmar, emphasized the need for trusted national food FMCG brands to offer high-quality and affordable products. He believes this acquisition will help the company cater to evolving consumer demands.

Meanwhile, Adani Group is exiting its joint venture with Wilmar International. It recently sold a 13.5% stake in Adani Wilmar through the stock exchange and plans to sell the remaining stake to Wilmar International. Following this transition, the company will rebrand itself as AWL Agri Business Ltd.