Adani Wilmar To Acquire GD Foods to Strengthen Its Food Portfolio

Adani Wilmar Limited (AWL), a major player in India’s food FMCG sector, has announced its decision to acquire G.D. Foods Manufacturing (India) Private Limited, known for its popular brand “Tops.”

Acquisition Details 

This acquisition will be completed in phases. 80% of the shares will be acquired initially, while the remaining 20% will be purchased over the next three years. On this acquisition, Angshu Mallick, MD & CEO of Adani Wilmar, said, “As the food market changes, there is a growing demand for trusted brands that offer high-quality and affordable products for Indian kitchens. AWL has strong manufacturing and distribution capabilities, and adding ‘Tops’ to our portfolio will help us serve more households. This acquisition strengthens our position in the packaged food industry and supports our long-term growth plans.”

Strength of the “Tops” Brand and Its Market Presence

Founded in 1984, GD Foods has built a strong reputation, especially in North India, for its high-quality food products, including sauces, jams, pickles, noodles and instant mixes. The company operates through three in-house manufacturing facilities and has a retail network of over 150,000 outlets across seven states. “Tops” is one of the top three brands in the tomato ketchup and pickles segment, making it a valuable addition to AWL’s business.

Strategic Benefits and Growth Potential

This acquisition aligns with AWL’s vision of catering to Indian household needs by offering a broader range of kitchen essentials. The integration of “Tops” into AWL’s portfolio will introduce eight new product categories, enhancing its ability to meet evolving consumer demands. Additionally, AWL plans to invest in expanding the distribution and marketing of “Tops” products to boost their reach and profitability.

Financial and Operational Aspects of the Deal

GD Foods reported a revenue of ₹386 crores in FY24, with a compound annual growth rate (CAGR) of 15% over three years. The transaction will be financed using AWL’s internal funds or proceeds from its IPO. The deal is expected to be finalised within 60 days. Various financial and legal advisors, including KPMG India and PWC, are supporting the transaction. 

Share performance 

As of March 05, 2025, at 11:00 AM, the shares of AWL are trading at ₹254.10 per share, reflecting a profit of 5.93% from the previous day’s closing price. Over the past month, the stock has registered a loss of 6.44%. The stock’s 52-week high stands at ₹403.95 per share, while its low is ₹231.55 per share.

Conclusion

This acquisition marks a strategic step for AWL in the FMCG sector, adding high-margin products to its portfolio while leveraging its robust distribution network. With plans to expand “Tops” brand reach and product availability, AWL is set to strengthen its position as a leading food FMCG company in India.

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