Adani Wilmar to acquire GD Foods

Acquisition to broaden AWL’s food portfolio for Indian kitchen needs while adding high-margin products

Adani Wilmar Limited (AWL), one of India’s largest Food FMCG companies, renowned for its household brand ‘Fortune’, announced the signing of a definitive agreement to acquire G.D. Foods Manufacturing (India) Private Limited (GD Foods). The acquisition will be executed in multiple tranches, with 80 per cent of the shares to be acquired in the first tranche and the remaining 20 per cent to be acquired over the next three years. In FY’24, GD Foods achieved a revenue of Rs 386 crores, growing at a 3-year CAGR of 15 per cent, and recorded an EBITDA of INR 32 crores.  

Aligned with the vision to cater to the kitchen needs of Indian households, this acquisition offers a strategic advantage by expanding the portfolio with a broad range of value-added food products. 

Founded in 1984, GD Foods’ owned brand “Tops” has built a strong reputation as a household brand in North India over the last 40 years, offering high-quality products in categories spanning tomato ketchup, snack sauce, speciality sauces & culinary sauces, jams, pickles, noodles, instant mixes, corn & choco flakes and cooking essentials such as vinegar, baking powder, cake mix, corn flour. Headquartered in Delhi, the Company’s sales are mainly concentrated in seven states in North India, with a retail presence across more than 150,000 outlets. It also maintains in-house manufacturing facilities at 3 locations. 

Commenting on the acquisition, Angshu Mallick, MD & CEO of Adani Wilmar Limited, said, “As the market evolves, there is a clear need for trusted national food FMCG brands to deliver high-quality, affordable products that fulfil the essential needs of Indian kitchens. Delivering on this requires best-in-class manufacturing operations and a broad distribution reach, both of which are key strengths of AWL. The acquisition of GD Foods aligns with our vision and will significantly enlarge AWL’s offerings to meet the evolving needs of Indian households. With 8 new product categories added to our portfolio, we are laying a strong foundation to build a formidable presence in the value-added products market over time.”