Adani Wilmar Limited (AWL), one of India’s largest food FMCG companies and the name behind the popular household brand ‘Fortune,’ has announced the signing of a definitive agreement to acquire G.D. Foods Manufacturing (India) Private Limited (GD Foods). This acquisition will take place in multiple tranches, with AWL acquiring 80% of the shares in the first phase and the remaining 20% over the next three years.
GD Foods has demonstrated steady growth, reporting a revenue of ₹386 crores in FY’24 with a three-year CAGR of 15%. The company also recorded an EBITDA of ₹32 crores. The acquisition is strategically aligned with AWL’s vision to expand its portfolio and cater comprehensively to the kitchen needs of Indian households with a wider range of value-added food products.
Founded in 1984, GD Foods owns the well-established brand “Tops,” which has gained strong recognition in North India over the past four decades. The company offers a diverse range of food products, including tomato ketchup, snack and specialty sauces, jams, pickles, noodles, instant mixes, breakfast cereals, and cooking essentials such as vinegar, baking powder, and cake mix. With headquarters in Delhi, GD Foods has a strong retail presence across more than 150,000 outlets in seven states and operates three in-house manufacturing facilities.
Angshu Mallick, MD & CEO of Adani Wilmar Limited, emphasized the significance of the acquisition in strengthening AWL’s position in the food FMCG sector. He highlighted that as the market evolves, there is an increasing demand for trusted national brands offering high-quality and affordable kitchen essentials. The acquisition of GD Foods aligns with AWL’s long-term vision, leveraging its robust manufacturing capabilities and extensive distribution network.
With this move, AWL expands its product portfolio by adding eight new categories, reinforcing its presence in the value-added food products segment. The company aims to leverage its strengths to build a formidable presence in the evolving Indian food market, ensuring consumers have access to a wide range of quality kitchen essentials.
