Conagra Completes Divesture of Stake in India’s Agro Tech Foods
Conagra Brands on Aug. 28 announced that all conditions for the previously announced sale by one of its subsidiaries of its 51.8% ownership stake in Agro Tech Foods Ltd., a food company based in India, have been fulfilled and the transaction has been completed.
Conagra first publicized its intention to divest on Feb. 29, at that time saying the buyer was funds advised by Convergent Finance and Samara Capital, both Indian financial companies. Financial terms of the transaction were not disclosed.
Agro Tech makes and sells a range of food products and edible oils in the snacks, spreads, dips, breakfast cereal and chocolate confectionery segments. It 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 said Conagra had been a controlling shareholder of ATFL since 2011.
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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.