Bunge India, a wholly owned subsidiary of Bunge has entered into definitive agreements with Amrit Banaspati and Amrit Corp. to acquire the edible oils and fats business of Amrit Banaspati. The acquisition will include Amrit Banaspati’s manufacturing facility at Rajpura in the state of Punjab, rights to its brands and trademarks, its sales and distribution business and the transfer of employees pertaining to its edible oils and fats business to Bunge India.
Bunge India would also acquire rights to GAGAN, the vanaspati brand held by Amrit Corp which is currently licensed to Amrit Banaspati. The transaction, which is subject to approval by shareholders of Amrit Banaspati and Amrit Corp, has been unanimously approved and recommended by the boards of directors of both the companies. The transaction is also subject to regulatory approvals and other customary closing conditions.
The board of directors has approved Bunge’s offer and will also recommend an appropriate dividend to shareholders from proceeds of the sale. Bunge is a respected name in both the Indian and global markets.