Shardul Amarchand Mangaldas & Co. advises PVR INOX Limited on sale of its entire stake in Zea Maize Private Limited to Marico Limited

February 10, 2026

Shardul Amarchand Mangaldas & Co. (SAM) advised PVR INOX Limited (PVR INOX), Zea Maize Private Limited and its founder, Mr. Chirag Gupta, in connection with sale of the entire shareholding held by PVR INOX in Zea Maize Private Limited, the company behind the premium gourmet popcorn brand ‘4700BC’, to Marico Limited.

The transaction provides for a complete exit for PVR INOX from Zea Maize Private Limited and represents a strategic monetisation of a non-core asset. The deal also marks Marico Limited’s expansion in the premium foods and snacking segment through acquisition of a well-recognised consumer brand.

The transaction team was led by Nivedita Tiwari, Partner, along with Kuhuk Jain, Principal Associate; Tweisha Mishra, Senior Associate; Vaibhavi Shaunak, Senior Associate; and Satabdi Dash, Associate.

Pooja Ramchandani, Partner; Suryansh Gupta, Principal Associate; Shalini Prem, Associate; and Aradhana Gorur, Associate advised on employment law aspects.

Apoorva Murali, Partner and Anshika Chadha, Associate advised on intellectual property law aspects.

Gouri Puri, Partner and Nimish Malpani, Principal Associate advised on tax law aspects.

Marico Limited was advised by Khaitan & Co. and RMB Capital India Private Limited acted as financial advisors. Axis Capital acted as financial advisors to PVR INOX Limited, Zea Maize Private Limited and Mr. Chirag Gupta.