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As of April 2020, according to market analysts, both ITC and Sunrise Foods Pvt Ltd (SFPL) had signed an exclusivity agreement and the valuation of the deal was somewhere between INR20 billion and INR25 billion. They further highlighted that the sale process had started since late 2019 and was being handled by investment bank JM Financial. With the acquisition of a stake in SFPL, ITC was planning to further expand its food business and also compete with some of the leading players like Hindustan Unilever Limited, PepsiCo and Britannia. According to experts, the market volatility due to the COVID-19 pandemic was likely to have impacted the pace of negotiations. The deal was expected to be a combination of cash and equity. However, ITC was likely to face cutthroat competition from its rivals in the market, which included Emami Agrotech, MTR, Ashok, Goldiee Masale, Cookme, Everest and MDH. Against this backdrop, would it be possible for ITC to become a strong contender in India's branded spices market post acquisition of SFPL? What could be the underlying issues and challenges?