Brands
Why Adani Wilmar wants to swallow Tops brand owner GD Foods
MUMBAI: Packaged foods giant Adani Wilmar Limited (AWL) has developed an appetite for acquisitions, the latest one being for GD Foods Manufacturing, a privately held maker of kitchen foods and ingredients.
It informed the Bombay stock exchange through a regulatory filing today of its plans to acquire the company which is the maker of the popular Tops brand of sauces, pickles and other food products. It informed the bourse that it has signed a share purchase agreement (SPA) to acquire 80 per cent of its equity capital at a price per share based on an enterprise valuation of Rs 603 crore.
The acquisition marks a significant step in AWL’s strategy to diversify its product portfolio beyond edible oils into higher-margin food categories.
The deal aligns perfectly with AWL’s ambition to strengthen its position in the branded foods segment. GD Foods, with its Tops brand, generated Rs 386 crore in revenue for FY24, growing at an impressive 15 per cent CAGR over the past three years. The company offers more than 80 products across eight plus categories and has established a strong presence in north and central India with over 150,000 retail touchpoints spanning 15 plus states.
Key synergies from the acquisition include:
* AWL will significantly enrich its offering with high gross-margin products while maintaining focus on kitchen essentials.
* The acquisition brings another strong brand to AWL’s kitchen essentials category.
* GD Foods adds new product categories with limited competition from national players, particularly in sauces where Tops is the No 1 brand in culinary sauces and No 3 in tomato ketchup in North India.
AWL plans to unlock value through its robust sales and distribution network. Its deep partnerships with modern retail channels, including quick-commerce platforms, will benefit the Tops brand. The acquisition will expand Tops’ reach into rural markets using AWL’s established infrastructure, says the latter.
North India, which is Tops’ core market, is also AWL’s strongest region, creating immediate synergies. AWL will leverage its pan-India presence to introduce select Tops products to new markets The combined entity aims to capitalise on AWL’s strong partnerships with organised retailers.
AWL will initially acquire 80 per cent of shares from existing promoters, with the remaining 20 per cent to be acquired in phases over the next three years at a pricing formula agreed upon in the SPA. The existing promoters will continue to support the business transition, and GD Foods will operate as a separate entity. The acquisition will be funded through internal accruals and IPO proceeds (if applicable), with completion targeted within 60 days, subject to customary closing conditions, said AWL.
The deal comes as India’s packaged foods market is showing tremendous growth potential, with significant headroom for branded products to gain market share from the unorganised sector.
* Edible Oils: Rs 2.0 lakh crore market with 75 per cent branded product penetration
* Wheat: Rs 1.5 lakh crore market with only 12 per cent branded product penetration
* Rice: Rs 2.1 lakh crore market with just 11 per cent branded product penetration
* Pulses & Besan: Rs 1.2 lakh crore market with merely 5 per cent branded product penetration
* Sugar: Rs 0.6 lakh crore market with 6 per cent branded product penetration
* Spices: Rs 1.4 lakh crore market with 18 per cent branded product penetration
For both companies, this strategic move represents an opportunity to combine complementary strengths: AWL’s manufacturing excellence, widespread distribution network and financial might paired with Tops’ strong brand equity, innovative product range and market leadership in specific categories. 
AWL currently has impressive scale with:
* Packaged staple foods revenue of approximately Rs 37,000 crore (as of Dec’24).
* Household reach of 121 million
* 2.1 million retail touchpoints
* Edible oil division with last twelve months (LTM) Dec’24 revenue of Rs 45,208 crore.
* Food & FMCG division with LTM Dec’24 revenue of Rs 6,150 crore.
* Industry essentials division with LTM Dec’24 revenue of Rs 7,369 crore.
Tops brings several valuable assets to the table:
* Diverse portfolio spanning sauces, condiments, meal preparation items, and cooking aids
* Strong presence in key North Indian markets including Uttar Pradesh, Delhi, Haryana, Bihar, Punjab, Uttarakhand, and Rajasthan
KPMG India Corporate Finance is serving as exclusive financial advisor to AWL with PricewaterhouseCoopers Services LLP and Cyril Amarchand Mangaldas conducting due diligence and Cyril Amarchand Mangaldas providing legal counsel.
AWL has demonstrated capability in scaling acquired brands. Amongst its notable successes figure the launch of Alife Soap in 2020 which crossed Rs 100 plus crore in sales within two years. The acquisition of Kohinoor in May 2022 saw it generating Rs 350 plus crore in sales within 18 months. The Hotels, Retail and Catering (HoReCa) team established in Q1 FY23 generated Rs 600 plus crore in sales within two years.
With that kind of a track record, the acquisition can only be a good and taste-filled recipe for success.
Brands
Primus Partners appoints Akasa Air co-founder Neelu Khatri as independent director
Veteran aviation and defence professional joins as independent director
NEW DELHI: Primus Partners has appointed Neelu Khatri, a founding member of Akasa Air, as an independent director, strengthening the consulting firm’s board as it prepares for its next phase of growth.
Khatri brings more than three decades of experience across defence, aviation, aerospace technology and consulting. She was part of the core team that helped build Akasa Air from concept to launch, contributing to what has been widely described as one of the fastest airline scale ups in recent aviation history.
At Primus Partners, she will provide strategic guidance on corporate governance and help steer the firm’s long term growth plans. Her experience of building a start up into a full scale organisation is expected to support the consulting firm as it expands its footprint.
Primus Partners co-founder and chairperson Davinder Sandhu, said the appointment brings valuable expertise to the board. “Neelu’s journey across defence, aviation and consulting brings a rare blend of operational insight and strategic thinking. Her experience in rapidly scaling Akasa Air will be invaluable as we continue to grow while maintaining a strong focus on corporate governance,” he said.
Primus Partners, an India headquartered management consulting and solutions firm, has emphasised governance and board oversight since its early days. The company has also taken an unconventional approach by inviting its Gen Z employees to attend board meetings so that younger perspectives can contribute to discussions.
Speaking on her appointment, Khatri said the consulting sector is entering a transformative period shaped by emerging technologies. “The industry is evolving rapidly with the rise of AI. This is an exciting moment for an Indian origin consulting firm like Primus Partners to expand its product offerings and strengthen its presence globally,” she said.
She added that as the firm pursues ambitious expansion plans, her focus will be on ensuring strong governance frameworks and effective risk management as the organisation scales.
