ITC Enters Frozen Foods Market with ₹131 Crore Bet on Ample Foods

6 Apr 2025 , 10:30 AM

ITC Limited has announced a 43.75% equity investment in Ample Foods Private Limited (AFPL) for a total investment of approximately ₹131 crore. The strategic investment is in line with ITC’s vision to be a long-term player in the fast-growing frozen, chilled and ready-to-cook foods segment in India.

AFPL also owns popular consumer brands “Prasuma” and “Meatigo,” which sell a variety of food products, using meat and poultry, such as ready-to-cook snacks, frozen meals, sauces and condiments, deli meats, marinades, cheese, and raw meat.

These brands are heavily engaged in omni-channel distribution: their products can be found in modern retail, on e-commerce platforms, and through direct-to-consumer websitesnwww. meatigo. com and www. prasuma. com.

The ₹131 crore investment comprises a primary equity infusion and secondary share purchases, which will lead to ITC acquiring a substantial minority stake in AFPL. The decision aligns with ITC’s ambition to create a “future-ready” food portfolio and capture a share of the ₹10,000 crore+ Indian frozen and ready-to-eat food market segment that is on the upswing.

AFPL, with considerable market valance and product portfolio, would create long-term value amalgamating with ITC’s wide distribution network and brand power,” ITC Limited Executive VP & Company Secretary R.K. Singhi said in a separate statement. This business unit acquired, along with related entities, Chao Chao Foods Pvt Ltd and Meat and Spice Pvt Ltd makes up the “Target Business.”

The Target Business has been performing steadily, generating consolidated turnover of ₹131 crores in FY 2023–24, ₹111 crores in FY 2022–23, and ₹91 crores in FY 2021–22. ITC said that this acquisition is not a related party transaction and does not require any regulatory or government approvals. This acquisition fits well with ITC’s strategy of strengthening its portfolio in the fast-moving consumer goods (FMCG) segment, especially in the rapidly developing food segment.