Mars’ acquisition of Kellanova (formerly Kellogg’s) for $35.9 billion is expected to significantly benefit Mars in India, according to a news report. This acquisition leverages Kellanova’s robust distribution network, which is particularly strong in rural areas across India. Despite Mars being a larger entity globally due to its pet-food business, Kellanova’s operations in India are more extensive.
Experts highlight that Mars will gain from Kellanova’s rural reach and will have a broader portfolio to offer in modern trade (big box retail) , e-commerce, and quick commerce. Angshuman Bhattacharya, a partner at EY Parthenon, notes that both companies share similar customer bases and urban presence, making the acquisition beneficial for Mars. He emphasizes that a larger portfolio is crucial for modern trade and e-commerce, areas where Kellanova excels.
Harminder Sahani, of Wazir Advisors, concurs, stating that the combined brand portfolios will enhance their negotiating power with modern retail, e-commerce, and quick commerce players. He also mentions potential synergistic cost savings considered during the acquisition valuation.
Financially, Mars International’s India revenue was $273 million in FY23, including its pet food business, while Kellanova India was $184 million. Mars faced a loss of about $4.7 million in India, whereas Kellanova India reported a profit of approximately $14.4 million. In India, Mars is known for its chocolate and confectionery brands such as Mars, Snickers, Twix, Galaxy, Flutes, Bounty, Orbit, Boomer and M&M’s, as well as its pet foods, Royal Canin, Pedigree.
An industry source suggests that for the acquisition to make a significant impact, the combined entity needs to expand its operations and introduce more products to the Indian market. Expanding their distribution network is also crucial for realizing the full potential of this acquisition.
Last updated: December 26th, 2025
