New Delhi, Feb. 6 -- ITC Ltd on Thursday signed definitive agreements to acquire frozen food and ready-to-cook foods brandPrasuma.

This acquisition will fortify the company's presence in such future-facing categories, which the company said has a current annual market size of over Rs.10,000 crore and is poised for rapid growth in the years ahead.

In a filing to the stock exchanges, ITC said it will acquire 100% stake in Gurugram-headquartered Prasuma over a period of three years.

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The first tranche of 43.8% stake shall be acquired upfront for an initial investment of Rs.131 crore through primary subscription and secondary purchases; t...