Tata Consumer Products, an arm of India’s giant Tata conglomerate, is acquiring local better-for-you manufacturer Kottaram Agro Foods (KAF), owner of the brand Soulfull.
The financial details of the deal have not been disclosed. Tata said the move is consistent with its strategy to “participate in multiple consumption occasions.”
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KAF was launched in 2013 and operates in the health and wellness-focused food segment with a portfolio of millet-based products for children and adults.
The Soulfull brand has a strong presence in urban markets in south, west, and north India. Its range includes cereals, healthy snacks, muesli and plant-based protein drinks.
Tata said the acquisition will allow it to expand its product portfolio into the fast growing ‘on-the-table’ and ‘on-the-go’ categories. It also pointed to significant synergies with its existing business in areas spanning distribution, procurement, and logistics.
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By GlobalDataSunil D'Souza, managing director and CEO of Tata Consumer Products, said: "Soulfull synergises well with our existing product portfolio, our distribution network as well as the supply chain. We believe Tata Consumer is well positioned to unlock the full potential of the Soulfull brand and scale up its presence given the growing consumer need of healthy and convenient food options that they can trust."
Prashant Parameswaran, managing director and CEO of Kottaram Agro Foods, said, "We are extremely proud to associate with Tata Consumer Products which provides us a great platform for furthering Soulfull's purpose of making ancient millets relevant for the 21st century.
"Tata Soulfull will enhance the brand's credibility and make health more accessible and mainstream while retaining its vibrancy. The Tata brand is one that has always inspired me and fits perfectly with the values of Soulfull."
Tata Consumer Products has a portfolio of products including salt, pulses, spices and ready-to-cook offerings. It is also the second largest branded tea company in the world, owning the Tetley brand amongst others.
