The Competition Commission of India (CCI) on Tuesday approved three deals, including the acquisition of Del Monte Foods–a joint venture between the Bharti Group and Del Monte Pacific–by Agro Tech Foods.
Bharti had held 59.29% in the JV and Del Monte Pacific the rest.
The acquisition was valued at Rs 1,300 crore, according to a November 2024 exchange filing by Agro Tech Foods, which owns brands, including ACT II popcorn and Sundrop. With this transaction, Bharti and Del Monte Pacific will receive shares of Agro Tech Foods as consideration and will become its public shareholders.
In a statement, the antitrust regulator said 20.95% equity shares in Agro Tech Foods will be issued to Bharti and 14.39% to Del Monte Pacific by way of a preferential allotment.
The acquired entity will become a wholly-owned subsidiary of Agro Tech Food.
Analysts have said Agro Tech Foods aims to leverage the acquired entity’s broad product range, including the Italian one, to bolster its presence in the food services segment. It will also gain access to Del Monte’s manufacturing and research and development facilities in Tamil Nadu and Punjab.
Other deals
Separately, the regulator said it has approved the proposed amalgamation of SRL, Viyash, Symed, Appcure, Vindhya Pharma, Vandana, Vindhya Organics, Geninn and SV Labs with pharmaceutical firm Sequent Scientific that focusses on animal healthcare products.
The CCI has also cleared the acquisition of AI Lenarco Midco by Majesty II Pte, an investment holding company of the alternative investment firm PAG group.
AI Lenarco is a Cyprus-based investment holding company of Advent International group, the regulator said in another statement.
