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Tata consumer seals Rs 7,000 cr deals: Acquires capital foods and organic India
The Business Guardian
|January 15, 2024
The firm behind the Ching's Secret and Smith & Jones brands, Capital Foods, will be acquired by Tata Consumer Products, the creator of Tata Tea.
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The company stated in an exchange filing late Friday evening that the acquisition, which has an enterprise value of Rs 5,100 crore on a no cash, no debt basis, will be carried out gradually, with Tata Consumer acquiring 75% of the shareholding before March 31 and the remaining 25% within three years.
In addition to Capital Foods, Tata Consumer's board of directors also approved the acquisition of Organic India.
The company has entered into a share purchase agreement (SPA) with Fabindia for an all-cash deal valued at Rs 1,900 crore (on no cash, no debt basis), along with an additional earnout for the shareholders linked to the 2025-26 audited financials of the company.
“Capital Foods has strong umbrella platform brands with a portfolio of unique products for in-home consumption in fast-growing categories. Ching’s Secret is a market leader in Desi Chinese across its product categories — chutneys, blended masalas, sauces, and soups,”
Tata Consumer Products said in its press release.
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