Agro Tech Foods plans to acquire Del Monte Foods Pvt Ltd for Rs 1,300 crore. The acquisition will involve Agro Tech issuing 1.33 crore equity shares at Rs 975.5 each to the current shareholders, allowing it to take full ownership of Del Monte Foods without a cash outlay.

Bharti Enterprises will exit the packaged foods sector as it focuses on its core telecom and broadband businesses under Airtel. Agro Tech's shares fell by 1.5 percent following the announcement, but have seen a 28 percent increase over the past year, bringing its market capitalization to Rs 2,500 crore.

Del Monte Foods has faced tough competition in India's packaged foods market, leading Bharti to reconsider its involvement in this non-core segment.