ITC Acquires Prasuma: A Thriving Partnership in the Food Industry
In a recent landmark move, ITC Ltd has officially sealed the deal to acquire Prasuma, a prominent player in the frozen, chilled, and ready-to-cook foods sector in India. This acquisition marks a significant step forward for both companies, as they join forces to capitalize on the growing market demand for innovative and health-conscious food options.
Prasuma, renowned for its expertise in oriental cuisine, boasts an extensive range of over 170 products that are known for their quality and unique flavors. The brand has carved a niche for itself in the industry by focusing on developing “Good-for-You” products that cater to the evolving tastes of consumers. With a current annual market size exceeding ₹10,000 crore and promising prospects for future growth, this strategic acquisition positions ITC as a key player in the ever-expanding food market landscape.
The acquisition will unfold over a three-year period, with ITC acquiring a 100% stake in Prasuma. The initial phase will see ITC securing a 43.8% stake upfront, followed by subsequent tranches leading up to June 2028, based on predetermined valuation criteria and other specified conditions outlined in the definitive agreements.
A New Chapter in Culinary Innovation
Prasuma, operating under the brands ‘Prasuma,’ ‘Meatigo by Prasuma,’ and ‘Prasuma Momo Kitchen,’ has garnered a loyal following for its diverse product offerings and commitment to excellence. This strategic partnership with ITC opens up a world of possibilities for culinary innovation and consumer engagement. By combining their strengths in manufacturing, distribution, and brand-building, both companies are poised to create a portfolio of frozen, chilled, and ready-to-cook foods that cater to the discerning tastes of modern consumers.
Hemant Malik, Wholetime Director at ITC Ltd, expressed his enthusiasm for the collaboration, stating, “We are thrilled to support Prasuma and are eager to collaborate on establishing an unrivaled range of frozen, chilled, and ready-to-cook foods. With a focus on ‘Good-for-You’ products that span various cuisines, we are confident that our combined portfolio will exceed the expectations of our customers. This investment underscores our commitment to developing cutting-edge, innovative product lines that anticipate future trends.”
Lisa Suwal, CEO, and Siddhant Wangdi, COO of Prasuma, echoed their excitement about the partnership, emphasizing their shared values of quality and innovation. They remarked, “ITC’s dedication to excellence and forward-thinking approach align perfectly with our vision. Frozen food represents the future of the culinary landscape, and with Prasuma’s expertise in manufacturing and innovation, coupled with ITC’s proficiency in distribution and brand-building, we are poised to deliver immense value to consumers in India and beyond.”
As the food industry continues to evolve, partnerships like the one between ITC and Prasuma set the stage for a new era of culinary exploration and consumer satisfaction. With a shared commitment to quality, innovation, and consumer-centricity, the possibilities are endless for these two industry giants as they embark on this exciting journey together.
