ITC is considering merger of its three wholly-owned subsidiaries - Sunrise Foods, Hobbits International Foods and Sunrise Sheetgrah - with itself. A board meeting of the company has been convened for this on September 4, 2020.
The acquisition of Sunrise Food, engaged primarily in the business of spices, will help it to augment its portfolio in the segment, where it has already presence with its brand Aashirvaad. Consequent to it, Sunrise and its two arms - Sunrise Sheetgrah and Hobbits International Foods - also became wholly-owned subsidiaries of ITC.
ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agribusiness, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.
