Adani Wilmar (AWL), one of India’s leading FMCG companies, has signed a definitive agreement to acquire G D Foods Manufacturing (India) (GD Foods) in a strategic move to expand its value-added food product portfolio. This acquisition aligns with AWL’s long-term vision to strengthen its presence in the processed food segment and diversify beyond its core edible oils business.
The acquisition will be carried out in multiple tranches, with AWL acquiring 80% of GD Foods’ share capital in the first phase at an enterprise value of ₹603 crore. The remaining 20% stake will be acquired over the next three years. The price per share for the subsequent tranches will be determined based on a predefined valuation formula outlined in the share purchase agreement.
GD Foods, known for its ‘Tops’ brand, has built a strong market presence in North India over the past 40 years. The brand is among the top three players in the tomato ketchup and pickles category and offers a diverse range of products, including snack sauces, specialty sauces, jams, noodles, instant mixes, breakfast cereals, and baking essentials such as vinegar, baking powder, and corn flour. In FY24, GD Foods recorded a revenue of ₹386 crore, growing at a CAGR of 15% over three years, with an EBITDA of ₹32 crore.
AWL has stated that the transaction will be funded through internal accruals or IPO proceeds. The deal is subject to customary closing conditions and is expected to be completed within 60 days. The acquisition marks a significant step for Adani Wilmar, strengthening its processed and packaged food portfolio while enhancing its market reach in North India.
Adani Wilmar
Adani Wilmar Limited (AWL) is a joint venture between the Adani Group and Wilmar International, one of Asia’s leading agribusiness groups. Established in 1999, AWL is among India’s largest fast-moving consumer goods (FMCG) companies, offering a wide range of edible oils, food products, and essential household goods under its flagship brand Fortune. Over the years, the company has expanded its product offerings beyond oils to include wheat flour, rice, pulses, sugar, ready-to-cook meals, and packaged foods. With an extensive distribution network spanning urban and rural India, AWL has established itself as a key player in the food processing and FMCG sectors. The acquisition of GD Foods aligns with AWL’s strategy to strengthen its footprint in the processed food industry, further solidifying its position as a leading food brand in India.