September 29, 2020

ITC plans to merge three subsidiaries with itself, board assembly in per week



New Delhi: Diversified enterprise entity ITC on Friday mentioned it’s contemplating merger of its three wholly-owned subsidiaries – Dawn Meals, Hobbits Worldwide Meals and Dawn Sheetgrah – with itself. A board assembly of the corporate has been convened for this on September 4, 2020, ITC knowledgeable in a regulatory submitting.

“The Board of Administrators of the Firm will contemplate a proposal for amalgamation of Dawn Meals Non-public Restricted, Hobbits Worldwide Meals Non-public Restricted and Dawn Sheetgrah Non-public Restricted, wholly-owned subsidiaries, with the Firm, at its assembly convened for Friday, September 4, 2020,” ITC mentioned.

On July 27, ITC had introduced to accumulate spices producer Dawn Meals in an all-cash deal valued at Rs 2,150 crore.

ITC had mentioned the acquisition of Dawn Meals, engaged primarily within the enterprise of spices, will assist it to reinforce its portfolio within the section, the place it has already presence with its model Aashirvaad.

Consequent to it, Dawn and its two arms – Dawn Sheetgrah and Hobbits Worldwide Meals – additionally grew to become wholly-owned subsidiaries of ITC.