The move is in line with the company's strategy to create scalable global digital offerings and a premium portfolio of personal care brands.
Fast-moving consumer goods (FMCG) company Marico Ltd announced Wednesday its acquisition of a 60% stake in Apcos Naturals Pvt. Ltd, which sells skin and hair care products under the Just Herbs brand for an undisclosed amount.
The move is in line with the company's strategy to create scalable digital offerings and a premium portfolio of personal care brands. The company said in a statement to the stock exchanges, that the stock share will be acquired over a period of two years, through primary injections and secondary acquisitions.
Marico, which sells Parachute hair oil and Saffola cooking oil, plans to build a portfolio of at least three other digital brands worth Rs 100 crore within 3 years.
The company will receive 52.4% of the total paid-in capital no later than July 31, 2021, and accordingly, Apcos Naturals will become its subsidiary. Marico said in its bids that Marico will acquire the remaining 7.6% by March 31, 2023, under the terms set forth in the shareholder agreement signed between the two parties.
Apcos Naturals shares will be acquired by valuing the business prior to mutually agreed money. Marico said he wants to accelerate his digital transformation and actively participate in the best modern online brands that are quickly filling the gap in the premium branded personal care or packaged dining space, with products that attract millennials
Just Herbs, founded in 2018, by Arush Chopra and Megha Sabhlok, sells a range of custom-made Ayurvedic skin and hair care products.
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