With that, Kottaram Agro Foods has become a wholly-owned subsidiary of Tata Consumer.
Earlier this month, Tata Consumer entered into a share purchase and investment agreement with the existing promoters and shareholders of Kottayam Agro Foods.
The transaction was for a consideration of Rs155.8cr. Additionally, the promoters are entitled to a contingent consideration, which is payable upon the business achieving certain operational and financial milestones over 5 years.
Kottaram Agro Foods is engaged in the business of breakfast cereals and millet-based snacks under the trademark "Soulful".
This move is consistent with TCPL's strategic intent to expand its product portfolio and participate in multiple consumption occasions.
At around 11.54 am, Tata Consumer trades at Rs620.95 per piece up Rs3.75 or 0.61% on Sensex.