FMCG major Adani Wilmar Ltd (AWL) has announced the acquisition of GD Foods Manufacturing (India) Pvt Ltd, the company behind the popular Tops brand, known for its range of pickles, sauces, and other food products.
In a regulatory filing, Adani Wilmar, which markets edible oils and food products under the Fortune brand, stated that it has signed a definitive agreement to acquire GD Foods in a phased manner. The first tranche will involve acquiring 80% of the shares, with the remaining 20% to be acquired over the next three years. The deal is subject to regulatory approvals, with the initial tranche expected to close within 60 days. The transaction will be funded through internal accruals or IPO proceeds, though the company has not disclosed the deal size.
Commenting on the acquisition, Angshu Mallick, MD & CEO, Adani Wilmar, said the deal strengthens AWL’s product portfolio by adding high-margin, value-added food products. “Tops is among the top three players in the tomato ketchup and pickles segment. We plan to further invest in the brand and significantly expand its distribution,” he stated.
With this acquisition, Adani Wilmar adds eight new product categories, reinforcing its strategy to build a strong presence in the value-added food segment. Mallick emphasized the evolving market demand for trusted, national FMCG brands offering high-quality and affordable food products that cater to Indian households.
