Agro Tech Foods Completes Acquisition of Del Monte Foods

Agro Tech Foods Limited (ATFL) has completed the acquisition of Del Monte Foods Private Limited (DMFPL), marking a key development in its expansion strategy. The combined turnover of ATFL and DMFPL in FY24 was approximately Rs 1,300 crore, with DMFPL contributing around 40 percent to this total and 38 percent to the EBITDA of the merged entity.  

Following the acquisition, Bharti and Del Monte Pacific Limited (DMPL) have become shareholders in ATFL through a preferential allotment of equity shares. Bharti now holds a 21 percent stake, making it the second-largest shareholder, while DMPL has a 14 percent stake. Additionally, ATFL has appointed Harjeet Kohli, Joint Managing Director of Bharti Enterprises, as a director on its board.  

The acquisition brings Del Monte’s product portfolio, including Italian foods, condiments, packaged fruits, and beverages, under ATFL’s umbrella. ATFL now holds an exclusive and perpetual license for the Del Monte brand in India. The company will also leverage Del Monte’s manufacturing and R&D facility in Hosur, Tamil Nadu, to enhance product innovation, quality control, and market distribution. The partnership is expected to strengthen ATFL’s presence in both retail and business-to-business segments, including quick-service restaurants and institutional buyers.  

Nitish Bajaj, Group Managing Director of Agro Tech Foods Limited said, “We are excited to formally welcome Del Monte India into the ATFL family. This strategic partnership strengthens our ability to offer a broader range of high-quality food products to Indian consumers. With Del Monte’s strong brand recognition and our expertise in food innovation and distribution, we are well-positioned to accelerate growth and create significant value for our stakeholders.”  

Abhinav Kapoor, CEO and Whole Time Director of Del Monte Foods Private Limited added, “The combination of the soon-to-be-rebranded Sundrop Brands and Del Monte Foods Pvt Limited marks a strategic milestone, unlocking new avenues of growth for the business. We are confident that by capitalizing on the emerging demand, leveraging our distribution network, and enhancing our operational efficiency, we can drive significant growth across product categories. This will not only boost sales but also create exciting opportunities for Del Monte employees, while delivering greater value to our customers and stakeholders.”