ITC shares gain 5% as Co to acquire spices major Sunrise Foods for Rs 2K cr

The proposed acquisition is aligned with ITC's strategy to rapidly scale up its FMCG businesses in a profitable manner, the company said.

Fast-moving consumer goods (FMCG) major ITC shares surged as much as 4.6 per cent to Rs 194.95 apiece on the BSE on Tuesday after the company announced it had entered into an agreement with the spice major Sunrise Foods to acquire a 100 per cent stake in the company. 

"ITC Limited has entered into a Share Purchase Agreement (SPA) on May 23, 2020 to acquire 100% of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices under the trademark ‘Sunrise’, subject to fulfilment of various terms and conditions as specified