ITC Limited has announced the acquisition of Ample Foods Private Limited (AFPL) and Meat and Spice Private Limited (MSPL) to expand its footprint in the rapidly growing frozen, chilled, and ready-to-cook (RTC) foods market in India. The acquisition, approved by ITC’s Board of Directors on February 6, 2025, includes Chao Chao Foods Private Limited, a wholly owned subsidiary of AFPL.
AFPL and MSPL are well-known for their premium food brands, Prasuma and Meatigo, offering a diverse range of products such as ready-to-cook snacks, sauces, deli meats, marinades, cheese, and frozen foods. With a strong presence in both online and offline retail markets, these brands cater to evolving consumer preferences for convenience and high-quality food products.
The acquisition aligns with ITC’s strategy to enhance its FMCG portfolio, particularly in the high-growth frozen and RTC food segment, which is valued at over ₹10,000 crores and is projected to expand significantly.
The deal, executed through a cash transaction, will see ITC acquiring 100% shareholding in multiple tranches over the next three years. AFPL reported a revenue of ₹116 crores in FY 2023-24, while MSPL recorded ₹42 crores in the same period.
ITC Q3 Result Highlights:
ITC has announced its Q3 earnings, showing a steady financial performance with moderate growth. The company’s net profit rose by 1.2% to ₹5,638.3 crore compared to ₹5,572 crore in the same quarter last year. Revenue saw a healthy increase of 8.6%, reaching ₹17,052.8 crore against ₹15,695.7 crore year-on-year.
Despite the rise in revenue, EBITDA saw a slight increase of 1.7% to ₹5,834.3 crore from ₹6,024 crore in the previous year’s quarter. Margins declined to 34.2% from 36.5% on a yearly basis, reflecting cost pressures.
