Bunge India yesterday announced that it has entered into definitive agreements to acquire the edible oils and fats business of Amrit Banaspati.
The acquisition includes Amrit Banaspati's manufacturing facility at Rajpura in the state of Punjab, rights to its brands and trademarks, its sales and distribution business and the transfer of employees pertaining to its edible oils and fats business to Bunge India. Bunge India would also acquire rights to GAGAN, the vanaspati brand held by Amrit Corp which is currently licensed to Amrit Banaspati.
The transaction, which is subject to approval by shareholders of Amrit Banaspati and Amrit Corp, has been unanimously approved and recommended by the Boards of Directors of both companies. The transaction is also subject to regulatory approvals and other customary closing conditions.
Christopher White, CEO, Bunge Asia, said: "This acquisition underscores Bunge's long-term commitment to growing our consumer food business in India. It enables us to expand our distribution reach, manufacturing base and brand portfolio to serve a growing customer base."
Adhiraj Sarin, Managing Director, Bunge India, added: "AMRIT, GAGAN and GINNI are trusted names associated with preparing tasty food, and we intend to build on their strong brand heritage. These brands, coupled with capable employees and a strong distribution network, open up opportunities for synergistic collaboration with Bunge India, creating incremental value for the combined operations. The addition of this business, along with our commitment to quality, food safety, innovation, risk management and efficiency through our global supply chain, will position Bunge well to be a long-term industry leader."