Conagra Will Divest its Majority Stake in Indian Company

March 1, 2024

Conagra will sell its 51.8% Ownership in Agro Tech Foods to Indian equity funds.

Conagra Brands on Feb. 29 signed an agreement to sell its 51.8% ownership stake in Agro Tech Foods Limited (ATFL), a food company based in Mumbai, India, to funds advised by Convergent Finance and Samara Capital, both Indian financial companies. Financial terms of the transaction were not disclosed.

ATFL is listed on both India’s National Stock Exchange and the Bombay Stock Exchange. It makes and sells a range of food products and edible oils in the snacks, spreads, dips, breakfast cereal and chocolate confectionery segments.

ATFL has a license to sell Conagra’s Act II popcorn and Sundrop edible oils, and the deal includes at least a continuing license for Act II. Reports in India say Conagra has been a controlling shareholder of ATFL since 2011.

About the Author

Dave Fusaro | Editor in Chief

Dave Fusaro has served as editor in chief of Food Processing magazine since 2003. Dave has 30 years experience in food & beverage industry journalism and has won several national ASBPE writing awards for his Food Processing stories. Dave has been interviewed on CNN, quoted in national newspapers and he authored a 200-page market research report on the milk industry. Formerly an award-winning newspaper reporter who specialized in business writing, he holds a BA in journalism from Marquette University. Prior to joining Food Processing, Dave was Editor-In-Chief of Dairy Foods and was Managing Editor of Prepared Foods.