US agribusiness giant Bunge is set to buy the edible oils and fats business of India’s Amrit Banaspati.
The acquisition includes Amrit Banaspati’s manufacturing facility at Rajpura in the state of Punjab, rights to its brands and trademarks and its sales and distribution business.
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Christopher White, CEO of Bunge Asia, said today (21 December): “This acquisition underscores Bunge’s long-term commitment to growing our consumer food business in India. It enables us to expand our distribution reach, manufacturing base and brand portfolio to serve a growing customer base.”
The transaction, which is subject to approval by shareholders of Amrit Banaspati and regulatory clearance, has been recommended by the boards of directors.
Naresh Kumar Bajaj, chairman and managing director of Amrit Banaspati, said: “Bunge is a respected name in both the Indian and global markets. It is known for its high quality products, and I’m very happy that the products and brands of our company, which have gained a reputation for quality and service over the past decades, will continue to serve our valued consumers in the capable hands of Bunge.”
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By GlobalData
