Conagra Brands Inc. recently announced that all conditions for the previously announced sale by one of its subsidiaries of its 51.8% ownership stake in Agro Tech Foods Limited (ATFL), a food company based in India, have been fulfilled and the transaction has been completed. Convergent Finance and Samara Capital have now become the sole shareholders in AFTL.

According to Conagra, the transaction is the latest step in Conagra's strategy to continuously reshape its portfolio to maximize shareholder value.

Conagra became a controlling shareholder of ATFL in 2011, after which ATFL accelerated the growth of its food portfolio, including ACT II popcorn and Sundrop edible oils. These two iconic brands are leaders in their respective categories and offer a basket of products for both in-home and out-of-home consumption. Conagra has agreed to continue the perpetual and exclusive license for the ACT II brand in India with ATFL and ATFL will exclusively continue to use the ACT II brand in India.
"We are excited to embark on this new journey of growth for our category defining brands which have been beloved household names for decades,” said Asheesh Kumar Sharma, the MD and CEO of ATFL. “We value our association with Conagra and are happy that our association continues with a perpetual and exclusive license for the Act II Brand in India. ATFL will continue to grow with a sharper focus on improving profitability improvement and value creation for all stakeholders."

Paul Hogan, president of International for Conagra Brands, commented, "Conagra has had an ownership stake in ATFL for several decades, and we've enjoyed seeing the business grow. We are confident that the business will continue to thrive by offering quality products to its customers and consumers."

AFTL manufactures, markets and sells food and food ingredients to consumers and institutional customers.