Marico, one of India’s largest consumer-goods groups, has acquired more than 90% of Zea Maize, home to the 4700BC snacks brand.
Zea Maize, set up in 2013, sells products including popcorn, makhana and nachos under the 4700BC label. Its snacks are available in more than ten markets.
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Publicly listed Marico is to pay Indian cinema group PVR INOX Rs2.27bn ($24.7m) for its stake in Zea Maize of just under 93.3%.
Chirag Gupta, the founder of the 4700BC brand, will retain his shares and stay on with the business.
According to a stock-exchange filing announcing the deal, Zea Maize generated revenue of Rs752.9m in its 2023-24 financial year.
Food is a small part of Marico’s business when measuring annual revenues. In the company’s 2024-25 financial year, it generated revenue from operations of Rs108.31bn, up 12% year-on-year.
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By GlobalDataHowever, Marico’s food business, which is centred around its Saffola brand, saw its revenue jump 44% to more than Rs9bn and the company is looking to build its presence in the sector.
“The investment in 4700BC aligns well with Marico’s ambition to participate in fast-growing food categories through distinctive, future-ready brands,” Marico MD and CEO Saugata Guptasaid. “We see immense potential in 4700BC as a premium snacking brand with deep consumer connect and proven execution. Together, we will tap the opportunity to leverage our existing scale in foods to broaden the brand’s presence across channels, while staying true to its consumer-first ethos and harnessing its top-notch innovation capabilities.”
Marico said on Monday (26 January) the deal for the Zea Maize stake is likely to close within 30 days.
The company has an option to buy the rest of the business in three years’ time.
Chirag Guptasaid: “While PVR INOX has played a pivotal role in building scale and credibility, Marico’s FMCG expertise will be instrumental as 4700BC enters its next chapter.”
Ajay Bijli, the MD of PVR INOX, added: “We recognised the potential in 4700BC at a very early stage and supported the brand through its formative years. From a niche gourmet popcorn offering, it has grown into a nationally recognised premium snacking brand. For PVR INOX, this transaction represents a natural culmination of our strategic role and enables us to monetise a non-core asset.”
