Conagra finalizes sale of stake in India’s Agro Tech Foods

Conagra Brands said on August 28 that all conditions to the previously announced sale by one of its subsidiaries of a 51.8% stake in Agro Tech Foods Ltd., an India-based food company, have been satisfied and the transaction has been completed.

Conagra has released its first intention to get rid of Feb. 29, at the time saying the buyers were funds advised by Convergent Finance and Samara Capital, both Indian financial firms. Financial terms of the deal were not disclosed.

Agro Tech manufactures and sells a range of food products and edible oils across snacks, spreads, dips, cereals and chocolate confectionery segments. It has a license to sell Conagra Act II popcorn and Sundrop edible oils, and the deal includes at least a continuous Act II license. Reports in India say Conagra has been the majority shareholder in ATFL since 2011.