Adani Wilmar (NSE:AWL, BOM:543458) has signed a definitive agreement to fully acquire G.D. Foods Manufacturing (India), according to a Tuesday release filed with the Indian bourses.
The acquisition of the owner of the "Tops" brand will be carried out in two tranches, with 80% of the shares acquired initially and the remaining 20% over the next three years, the release said.
First tranche is expected to close in 60 days, subject to customary closing conditions. The transaction will be financed through internal accruals or proceeds from initial public offering, it added.
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