Cyril Amarchand Mangaldas advised ITC on the acquisition of a 100% stake in Meat and Spice Private Limited (“MSPL”) and Ample Food Private Limited (and its wholly owned subsidiary, Chao Chao Foods Private Limited). The acquisition is proposed to be completed over a period of 3 years, by way of primary and secondary means. The first tranche of the 43.8% stake shall be acquired upfront and balance stake will be acquired, in tranches, by June 2028 subject to conditions as stated in the definitive agreements.
The companies are engaged in the business of manufacturing and selling ready-to-cook snacks & meals, sauces & condiments, raw & deli meat, local & international marinades, momos, cheese, and frozen foods & snacks under the brand names ‘Prasuma’ and ‘Meatigo’.
The transaction team was led by S. Harish, Partner; with support from Megha Krishnamurthi, Principal Associate; Nikita Singhi, Senior Associate; and Varnika Pasricha, Associate.
S. Harish, Partner, led the due diligence, with support from Megha Krishnamurthi, Principal Associate; Nikita Singhi, Senior Associate; Achyutha G M, Associate; Varnika Pasricha, Associate; and Rahi Dhuvad, Associate.
The employment due diligence was led by Bishen Jeswant, Partner; with support from Krithika Radhakrishnan, Principal Associate; Rachita Shah, Associate; Shivika Gupta, Associate; and Keshab Choudhury, Associate.
Ramgovind Kuruppath, Partner; provided strategic inputs.
