Ahmedabad, March 4, 2025 – Adani Wilmar Limited (AWL), a major player in India’s Food FMCG sector, has announced the acquisition of GD Foods, the owner of the popular “Tops” brand, known for its sauces, pickles, and other packaged food products. The acquisition will be completed in phases, with AWL acquiring 80% of GD Foods initially and the remaining 20% within the next three years.
With this deal, AWL aims to expand its packaged food business, adding high-margin products like ketchup, jams, instant mixes, and baking essentials to its portfolio. GD Foods, which generated INR 386 crore revenue in FY’24 with a 15% CAGR growth, has a strong presence in North India with distribution across 150,000 outlets.
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AWL CEO Angshu Mallick emphasized that this acquisition aligns with AWL’s strategy of providing quality and affordable kitchen essentials to Indian households. He added that “Tops” would strengthen AWL’s position in the value-added food products segment.
Nitin Seth, Vice Chairman of GD Foods, expressed confidence that AWL’s strong infrastructure and brand equity would help Tops reach a wider audience.
The transaction is expected to close within 60 days, subject to regulatory approvals, and will be financed through internal accruals or IPO proceeds.