Sumuka Agro Industries Limited, a publicly listed food company in India, has received approval from the Bombay Stock Exchange (BSE) Limited for its merger with Gujjubhai Foods, a private listed company known for manufacturing namkeens such as khakhra, bhakhri, and other ready-to-eat savouries. This merger is expected to enhance market strengths and operational efficiencies for both entities.
The merger proposal has received a ‘no objection’ from Bombay Stock Exchange (BSE) Limited, as confirmed by the companies. The merger is slated for completion by October 2024 post SEBI and NCLT approval.
Commenting on this development, Shaili Patel Bhatt, Director & CFO, Sumuka Agro Industries Limited, said, “We are delighted to receive the stock exchanges’ approval for our merger with Gujjubhai Foods. This decision highlights the robust rationale behind our strategic alignment and the anticipated value creation for all stakeholders.”
The merger of Sumuka Agro and Gujjubhai Foods is projected to develop a formidable presence in the commodities and consumer goods sectors, combining complementary strengths to capitalise on future opportunities and navigate changing market dynamics in the snacking segment.
