August 28, 2024
Gurgaon, August 28, 2024: Agro Tech Foods Limited ("ATFL" or "Company") had filed with the exchanges on February 29th, 2024 an intimation from its promoter about a transaction in its promoter entity, which would result in a change of control of the Company upon completion. ATFL is pleased to confirm that this transaction has been completed and noted by the board of ATFL in its meeting held on 28th August 2024 by way of a reconstitution of the board of directors of the Company. Conagra Brands ("Conagra") has exited its shareholding in the Company by completely exiting the promoter entity of the Company, and funds advised by Convergent Finance and Samara Capital have become the sole shareholders in the promoter entity of ATFL.
Conagra became a controlling shareholder of ATFL in 2011, after which ATFL accelerated the growth of its food portfolio, including ACT II popcorn and Sundrop edible oils. These two iconic brands are leaders in their respective categories, and offer a basket of products for both in-home and out-of-home consumption. Conagra has agreed to continue the perpetual and exclusive license for the ACT II brand in India with ATFL and ATFL will exclusively continue to use the ACT II brand in India.
Asheesh Kumar Sharma, the MD and CEO of ATFL, said, "We are excited to embark on this new journey of growth for our category defining brands which have been beloved household names for decades. We value our association with Conagra, and are happy that our association continues with a perpetual and exclusive license for the Act II Brand in India. ATFL will continue to grow with a sharper focus on improving profitability improvement and value creation for all stakeholders."
"Conagra has had an ownership stake in ATFL for several decades and we've enjoyed seeing the business grow," said Paul Hogan, president of International for Conagra Brands. "We are confident that the business will continue to thrive by offering quality products to its customers and consumers."