Shardul Amarchand Mangaldas Advises AFPL on Acquisition by ITC Limited

Shardul Amarchand Mangaldas & Co. advised Ample Foods Private Limited (AFPL) on its acquisition by ITC Limited. ITC has executed definitive agreements to acquire 100% of the share capital of AFPL, along with its wholly owned subsidiary, Chao Chao Foods Private Limited, and Meat and Spice Private Limited (MSPL).

AFPL and MSPL specialize in manufacturing and selling ready-to-cook snacks and meals, sauces and condiments, raw and deli meat, local and international marinades, cheese, and frozen foods under the brand names Prasuma and Meatigo.

As part of the transaction, ITC will acquire a 100% stake in Prasuma over the next three years. An initial 43.8% stake will be acquired upfront, with the remaining stake to be acquired in tranches by June 2028, subject to predefined valuation criteria and other conditions outlined in the definitive agreements.

SAM & Co team was led by Natashaa Shroff (Partner), Deepa Rekha (Partner), Neha Pilay (Senior Associate), Devangana Mandal (Associate) and Adwaita Bhattacharyya (Associate).

Shreya Jain (Partner) advised on the deal from a litigation perspective.