Four firms acted for parties involved in the USD142 million 100% acquisition of Del Monte Foods by listed company Agro Tech Foods, soon to be renamed Sundrop Brands.
IndusLaw represented Agro Tech, as well as the company’s backers, Samara Capital and Convergent, advising on key aspects of the transaction and on competition law matters. Partner Minhaz Lokhandwala led the team with the assistance of senior associates Riya Gupta, Nishi Bharatiya, Spandan Saxena and Riddhi Upadhyay. Associates Mansi Avashia, Atishay Jain, Ayush Mehta, Jacob Abraham and Saket Mishra also provided input.
Partner Unnati Agrawal led the competition law team, director Ruhi Jain, with help from associates, led the corporate secretarial due diligence team.
Ramanathan and Vahanvati partner Ravi Kumar also acted for Agro Tech, leading the negotiations and working on documentation.
Del Monte Foods is a joint venture between Bharti Enterprises and Del Monte Private Limited India, with Bharti holding 59.29% and Del Monte Foods 40.71%. As part of the transaction, Bharti and Del Monte Foods will receive Agro Tech shares on a preferential basis, becoming public shareholders in the food and oil company. Additionally, Agro Tech, through Del Monte Foods, will also acquire an exclusive, perpetual licence for the Del Monte brand in India.
AZB & Partners counselled Bharti Enterprises with senior partner Anil Kasturi and partner Ashish Pareek leading the team. Senior associates Kaushal Prabhat and Kanika Jaggi, and associates Mohit Sharma and Sheetal Aery also assisted.
JSA acted for Del Monte Pacific and other Del Monte group entities. The transaction team from JSA comprised lead partner Shivpriya Nanda, partner Zain Pandit, senior associate Nancy Neekhra, and associates Harshita Kapoor, Treya Gupta, Ananya Mathew and Vibhu Krishnatm Choubey.
The competition team included partners Vaibhav Choukse and Ela Bali, along with principal associate Nripi Jolly. Partner Kumarmanglam Vijay led the tax team.
Agro Tech, which is listed on the National Stock Exchange and the Bombay Stock Exchange, produces, markets and sells food and oil products across India. Its oil, peanut butter, chocolate, cereal and snacks are sold under brands including Sundrop, Duo, Popz and Act II.
Del Monte Private Limited India offers foods including pasta, olive oil and other Italian staples under the Del Monte brand across the nation and select member countries from the South Asian Association for Regional Co-operation.
