Adani Wilmar acquires 100% stake in G.D. Foods

INDIA – Adani Wilmar Limited, a leading Indian multinational food and beverage conglomerate, has signed a definitive agreement to acquire G.D. Foods Manufacturing (India) Private Limited (GD Foods).

The acquisition will be carried out in multiple stages: 80% of the shares will be acquired in the first stage, while the remaining 20% will be acquired over the next three years.

According to the company statement, the acquisition is subject to customary closing conditions, with the first stage expected to close within 60 days.

For the subsequent stages, the share price will be determined based on an enterprise value calculated using a pre-determined method outlined in the share purchase agreement.

“As the market evolves, there is a clear need for trusted national food FMCG brands to deliver high-quality and affordable products that fulfill the essential needs of Indian kitchens. Meeting this demand requires best-in-class manufacturing operations and a broad distribution network, both of which are key strengths of Adani Wilmar. The acquisition of GD Foods aligns with our vision and will significantly expand our offerings to meet the changing needs of Indian households,” said Angshu Mallick, MD and CEO of Adani Wilmar.

Adani Wilmar is a joint venture between the Adani Group of India and the Wilmar Group of Singapore, and it is one of the largest consumer food FMCG companies in India.

The company’s diversified product portfolio includes essential kitchen items such as edible oils, wheat flour, rice, and pulses, where it holds market-leading positions.

Adani Wilmar operates 24 plants strategically located across 10 states in India, which include 10 crushing units and 19 refineries.

GD Foods, headquartered in Delhi, primarily serves seven states in North India. The company has a retail presence in over 150,000 outlets and operates in-house manufacturing facilities at three locations.

“The acquisition of GD Foods aligns with our vision and will significantly enhance our offerings to meet the evolving needs of Indian households. With eight new product categories added to our portfolio, we are laying a strong foundation to establish a formidable presence in the value-added products market over time,” Mallick added.

KPMG India Corporate Finance served as the financial advisor for Adani Wilmar, while PricewaterhouseCoopers Services provided due diligence advice and Cyril Amarchand Mangaldas acted as legal counsel.

For GD Foods, Equirus Capital served as financial advisor and J Sagar Associates acted as legal advisor.

“We are delighted to see ‘Tops’ become part of the Adani Wilmar family. For the past 40 years, we have remained committed to understanding and meeting the needs of Indian households through innovative products. Now, with Adani Wilmar’s support, ‘Tops’ products will reach a much larger audience. We are confident that Adani Wilmar will continue to delight customers and unlock the true potential of the brand,” said Nitin Seth, Vice Chairman of GD Foods.

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