Pajson Agro’s ₹354.52 crore deal would add 60,000 MT capacity

Pajson Agro India Limited plans to acquire 100% of Pacific Global FZCO for ₹354.52 crore in shares, adding 60,000 metric tonnes (MT) of annual raw-cashew processing capacity in Côte d’Ivoire if the required approvals are obtained. The transaction would take stated combined capacity to 1,13,000 MT, including a planned 35,000 MT Indian facility.

What has Pajson Agro agreed to acquire?

Pajson Agro has approved the acquisition of a 100% equity stake in Dubai, United Arab Emirates-based Pacific Global for ₹354.52 crore. The November 5, 2026 announcement describes Pacific Global as an origin-based cashew-processing platform with installed annual capacity of 60,000 MT of raw cashew nuts, or RCN, in Côte d’Ivoire.

Pacific Global, through wholly owned subsidiaries, procures RCN, manages inventory, processes nuts into cashew kernels and sells those kernels to international customers. Its stated customer markets include the US, Europe, the Middle East and China, while the announcement identifies Côte d’Ivoire as the world’s largest producer of raw cashew nuts.

The proposed transaction would add a processing footprint at the source of cashew supply to Pajson Agro’s India operations. Pajson Agro said processing at origin could strengthen its control over raw-material access, quality and cost, while supply and sales across multiple geographies could provide a natural hedge across sourcing and end-markets.

How will Pajson Agro pay for Pacific Global?

Pajson Agro will settle the ₹354.52 crore consideration entirely through a share swap, with no cash outflow disclosed for the acquisition. The board approved a preferential issue of up to 1,20,58,397 equity shares with a face value of ₹10 each, at an issue price of ₹294 per share, to Pacific Global’s shareholders.

The preferential allotment is to follow Chapter V of the Securities and Exchange Board of India, or SEBI, Issue of Capital and Disclosure Requirements Regulations, 2018. Pajson Agro said the transaction values Pacific Global at about 1.0 times its consolidated net worth of ₹351.20 crore as of August 31, 2026.

Pacific Global reported consolidated turnover of ₹104.18 crore for January to August 2026, alongside its ₹351.20 crore consolidated net worth at the end of that period. The announcement does not disclose Pacific Global’s profit, debt, operating margin, historical annual turnover or the number of Pajson Agro shares outstanding before the proposed issue.

Pulkit Jain, Pajson Agro’s promoter and non-executive director, is identified as Pacific Global’s majority shareholder. He said he chose Pajson Agro shares rather than cash for the entire consideration, which Pajson Agro said aligns the incoming shareholders with its longer-term value creation.

How would Pajson Agro’s cashew capacity change?

Pajson Agro’s stated combined processing capacity would rise to 1,13,000 MT on completion from its existing 18,000 MT installed facility at Visakhapatnam, Andhra Pradesh. The total includes a 35,000 MT greenfield facility being set up at Vizianagaram, Andhra Pradesh, and Pacific Global’s 60,000 MT Côte d’Ivoire capacity.

Pacific Global’s 60,000 MT platform would be the largest of the three disclosed capacity components, exceeding Pajson Agro’s existing 18,000 MT Visakhapatnam facility by 42,000 MT. The 1,13,000 MT figure depends on both the acquisition’s completion and the 35,000 MT Vizianagaram project referred to in the announcement.

Pajson Agro converts RCN into market-ready kernels for institutional and retail customers. Its India business operates through the 18,000 MT Visakhapatnam plant, serves confectionery and snack manufacturers, and distributes premium dry fruits under the Royal Mewa brand through more than 178 distributors across over 20 states.

What do Pacific Global’s operations add to Pajson Agro?

Pacific Global would add origin-based RCN procurement, inventory management, kernel processing and international customer access to Pajson Agro’s listed platform. Its ₹104.18 crore consolidated turnover for January to August 2026 is the only operating-scale measure disclosed for Pacific Global in the November 5 announcement.

Pajson Agro already has an India processing base and a domestic network of more than 178 distributors in over 20 states. Pacific Global’s customer coverage spans the US, Europe, the Middle East and China, creating a disclosed overseas sales channel alongside Pajson Agro’s institutional, retail and Royal Mewa consumer operations.

Management describes the transaction as a move from an India-based processor to an origin-integrated global cashew platform. Chairman and Managing Director Aayush Jain said the planned 1,13,000 MT combined capacity is intended to build scale for Indian and international demand, and that Pajson Agro is targeting a leadership position in the cashew industry.

Pajson Agro reported FY26 total income of ₹256.92 crore, earnings before interest, tax, depreciation and amortisation, or EBITDA, of ₹37.82 crore, and profit after tax, or PAT, of ₹24.78 crore. The announcement does not provide pro forma combined revenue, EBITDA or PAT for the business after Pacific Global is acquired.

What approvals and employee-share plans are involved?

The acquisition remains subject to shareholder approval and other applicable approvals, and Pajson Agro expects completion approximately two to three months after those approvals. The November 5, 2026 release does not specify a closing date, identify every required approval, or give a commissioning timetable for the 35,000 MT Vizianagaram facility.

Alongside the deal, the board approved the Pajson Agro Employee Stock Option Scheme 2026, or ESOS 2026, comprising up to 11,90,480 options. Each option can be exercised into one equity share, and the scheme may cover eligible employees of group companies, including subsidiaries, under the Nomination and Remuneration Committee’s administration.

The board also approved an increase in authorised share capital to ₹40 crore from ₹25 crore. That ₹15 crore increase accompanies the proposed preferential allotment and option pool, though the release does not state option vesting terms, exercise prices or the final number of options to be granted to employees.

Conclusion

The proposed ₹354.52 crore share-swap acquisition would combine Pajson Agro’s India processing and domestic distribution with Pacific Global’s 60,000 MT Côte d’Ivoire platform and international customer reach. If completed alongside the stated Vizianagaram project, the disclosed capacity framework would total 1,13,000 MT across the existing 18,000 MT plant, the 35,000 MT greenfield facility and the acquired operation.

The next disclosed milestones are shareholder and other applicable approvals, followed by expected completion roughly two to three months later. Investors can watch for details of the preferential issue of up to 1,20,58,397 shares, implementation of the 11,90,480-option ESOS 2026 pool, and progress on the 35,000 MT Vizianagaram facility.