ITC to Acquire Spices Maker Sunrise Foods for ~Rs 1800-2000 Crore

Diversified business entity ITC Ltd on Sunday said it will fully acquire spices manufacturer Sunrise Foods Private Ltd (SFPL).

While the company did not disclose the value of the deal, sources said it is valued around Rs 1,800 crore to Rs 2,000 crore.

The company said it has signed a share purchase agreement (SPA) with SFPL which will augment its product portfolio and is also aligned to its aspiration to significantly scale up its spices business and expand its footprint across the country.

"Sunrise is a clear market leader in eastern India in the fast-growing spices category with a rich heritage and brand legacy of over 70 years," ITC said in a statement.

Over the years, the brand has built a loyal consumer franchise, anchored on a differentiated product portfolio tailored to regional tastes and preferences, both in the basic and blended spice segments, it added.

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

The deal will "augment the company's product portfolio and is aligned to ITC's aspiration to significantly scale up its spices business and expand its footprint across the country", ITC said.

"The deep consumer connect and distribution strength of SFPL in the focus markets, together with synergies arising out of the sourcing and supply chain capabilities of the company's agribusiness and its pan-India distribution network, will provide significant value creation opportunities for the company, " it added.

ITC further said the proposed transaction is also in line with its "philosophy of enhancing the competitiveness of agri value chains in India whilst making a meaningful contribution to enhancing farmer incomes".

"Finalisation of the SPA along with related processes were completed during lockdown conditions, reflecting the company's agility and resilience in dealing with the new normal," ITC said.

According to industry sources, JM Financial was the exclusive advisor to Sunrise.

ITC Infotech to Equip its Employees with Digital BOT, Ties with Automation Anywhere

ITC Infotech, a leading global technology services and solutions provider and a fully-owned subsidiary of ITC Ltd., is introducing a unique digital workforce solution by equipping every employee with a digital BOT, in partnership with Automation Anywhere®, one of the world's leading RPA platform providers backed by investors including Softbank.

Commenting on the initiative, Mr. Sudip Singh, MD & CEO, ITC Infotech said, "As a leading technology services company, we are truly embracing automation across our organization to 'Amplify Human Potential'. We are an organization committed to driving the adoption of automation and see immense potential in the digital amplification of our workforce. This initiative will also deliver higher efficiencies across client engagements. We are excited to partner with Automation Anywhere, and lead the way in creating a truly digital workforce of the future."

ITC Infotech intends to leverage Automation Anywhere's Digital Workforce Platform to empower its global workforce. By offering personal digital BOTs, it will enable employees automate and execute repetitive tasks and functions. As a part of the overall solution, ITC Infotech and Automation Anywhere will develop customized bots across various job roles, functions and departments at ITC Infotech.

"At Automation Anywhere, our vision is to create a world where every employee will work side by side with a software bot or digital workers, making the employees exponentially more productive and far more fulfilled. ITC Infotech's pioneering plans are closely aligned with our promise of creating an Intelligent Digital Workforce," said Mr. Milan Sheth, EVP IMEA, Automation Anywhere.

This holistic embrace of Automation sets the foundation for ITC Infotech to be the first Technology Services organization to have developed Digital Personas for different roles across the organization. In the Digitally enhanced work environment, digital assistants will aid in augmenting the capabilities of human workforce by building in predictability and higher productivity levels. And equally importantly, these digital assistants will directly impact employee experience by improving the quality of life at the workplace.

The digital BOTs will also deliver efficiency gains for ITC Infotech's clients, through enhanced productivity of the ITC Infotech workforce.

ITC to foray into new FMCG categories, Eye on Acquisitions

Indian diversified multinational conglomerate conglomerate ITC Ltd will foray into new categories and sub-segments in the FMCG vertical, which will be supported by multi-dimensional investments.

Addressing the company's shareholders at its annual general meeting here, ITC Chairman Sanjiv Puri said the company is seeking to be an engine of growth for Indian economy through a vibrant portfolio of future-ready businesses.

"Today, around 25 per cent of ITC's segment revenue is from newer FMCG businesses... To accelerate growth in the FMCG businesses, the endeavour is not only to fortify the existing categories towards delivering industry-leading performance but also to foray into newer categories and sub-segments.

"This would be supported by multi-dimensional investments as also strategic opportunities for acquisitions," he said.

Later, talking to reporters, Puri said ITC will focus on health and wellness products within the FMCG vertical.

"A whole range of products are being developed in the health and wellness space," he said.

He also said the company will attempt to reinforce the existing categories in the FMCG segment.

"We want to make FMCG a large business... Take it to Rs 1 lakh crore in the long-term," he said.

At present, the turnover of the vertical is Rs 12,000 crore.

Earlier, in his address to shareholders, Puri said in the last two to three years, ITC has expanded its FMCG portfolio by foraying into new segments. Over 50 products were launched last year to strengthen existing categories and enter newer segments, he added.

Reiterating the company's vision, he said, "ITC seeks to be an engine of growth for the Indian economy through a vibrant portfolio of future-ready businesses that are well poised to serve the emerging needs of a growing market through world-class Indian brands."

These businesses also anchor competitive value chains that empower millions of farmers and trade partners, generating livelihoods for more than 6 million people in the country, Puri said.