AWL Agri Business Limited — Updates, 04-03-2025: Press Release

Adani Wilmar Limited (AWL) has signed a definitive agreement to acquire G.D. Foods Manufacturing (India) Private Limited, a prominent player in the sauces and pickles category known for the "Tops" brand. This strategic acquisition will involve acquiring 80% of GD Foods' shares in the first tranche, with the remaining 20% over the next three years. GD Foods generated a revenue of ₹386 crores with an EBITDA of ₹32 crores for FY’24.

The integration of GD Foods is intended to expand AWL’s product offerings in value-added food segments, enhancing its capability to meet the needs of Indian households. With a strong presence in North India through over 150,000 retail outlets and a well-established manufacturing base, the acquisition is expected to significantly enhance the distribution reach of "Tops" products. Management expresses confidence that this move will allow AWL to leverage its powerful brand and infrastructure, positioning itself advantageously in the growing packaged foods market. The first tranche is anticipated to close within 60 days, funded by internal accruals or IPO proceeds.