Adani Wilmar (AWL) today announced the signing of a definitive agreement to acquire G.D. Foods Manufacturing (India) (GD Foods). 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 Rs 386 crore, growing at a 3-year CAGR of 15%, and recorded an EBITDA of Rs  32 crore.

The company said, "Aligned with our vision to cater to the kitchen needs of Indian households, this acquisition offers a strategic advantage by expanding our portfolio with a broad range of value-added food products. "

Founded in 1984, GD Foods' owned brand “Tops” has built a strong reputation as a household brand in North India over the last 40 years, offering high-quality products in categories spanning across tomato ketchup, snack sauce, specialty sauces & culinary sauces, jams, pickles, noodles, instant mixes, corn & choco flakes and cooking essentials such as vinegar, baking powder, cake mix, corn flour. Headquartered in Delhi, the Company's sales are mainly concentrated in seven states in North India, with a retail presence across more than 150,000 outlets. It also maintains in-house manufacturing facilities at 3 locations.