ITC signs definitive agreements to acquire Prasuma

ITC Ltd on Thursday signed definitive agreements for acquisition of Prasuma, a leading player in the frozen, chilled and ready to cook foods space in India.

Prasuma, a specialist in oriental cuisine, sells a wide assortment of over 170 products, backed by innovation expertise in developing ‘Good-for-You’ products. “This acquisition will further fortify ITC’s presence in these future-facing categories, with current annual market size of over ₹10,000 crore and poised for rapid growth in the years ahead,” ITC Ltd said in a statement.

The conglomerate will acquire 100 per cent stake in Prasuma over a period of three years. The first tranche of 43.8 per cent stake shall be acquired upfront and balance stake will be acquired, in tranches, by June, 2028, basis pre-defined valuation criteria and subject to other conditions as stated in the definitive agreements.

Prasuma operates through ‘Prasuma’, ‘Meatigo by Prasuma’ and ‘Prasuma Momo Kitchen’ brands.

Commenting on this acquisition, Hemant Malik, Wholetime Director, ITC Ltd, stated, “We are delighted to back Prasuma and look forward to jointly building an unparalleled, full stack frozen, chilled and ready to cook foods portfolio. With Good-for-You, first-to-market products, across cuisines, we believe that the combined portfolio will delight our discerning consumers. This investment reaffirms our commitment to building future facing, best in class, innovative portfolios.”

Lisa Suwal, CEO and Siddhant Wangdi, COO of Prasuma, said, “We are extremely proud of what we have built and excited to join hands with ITC to drive the next phase of growth. The overwhelming support and love for our products from consumers have always inspired us.”

“ITC shares our commitment to quality and innovation, making them the perfect partner. Frozen food is a category of the future. With Prasuma’s strength in manufacturing and innovation, combined with ITC’s expertise in distribution and building new-age brands, we are excited about the significant value that this collaboration will create for consumers in India and globally,” they added.