AWL Adds Tops to its Plate: A Major Food Portfolio Expansion

Adani Wilmar (AWL) has signed a definitive agreement to acquire GD Foods Manufacturing (India) to expand its portfolio of value-added food products. The acquisition will be completed in multiple phases, with AWL initially acquiring an 80% stake at an enterprise value of ₹603 crore. The remaining 20% will be acquired over the next three years based on a pre-determined valuation method.

GD Foods, known for its popular brand ‘Tops,’ is a household name in North India, offering a range of high-quality products, including tomato ketchup, snack and specialty sauces, jams, pickles, and essential cooking ingredients such as vinegar, baking powder, cake mix, and corn flour. AWL highlighted that ‘Tops’ ranks among the top three brands in the tomato ketchup and pickles segments. The company plans to invest further in the brand, expand its distribution network, and strengthen its presence in high-margin product categories.

Headquartered in Delhi, GD Foods operates across seven North Indian states, with a retail presence in over 1,50,000 outlets and in-house manufacturing facilities at three locations. Adani Wilmar was advised by KPMG India Corporate Finance, with PricewaterhouseCoopers Services managing due diligence and Cyril Amarchand Mangaldas providing legal counsel. GD Foods was represented by Equirus Capital as its financial advisor and J Sagar Associates as legal counsel.

News by Rahul Yelligetti.