abstrak:BENGALURU, July 26 (Reuters) - Indian consumer goods company Marico (MRCO.NS) said on Wednesday it w
BENGALURU, July 26 (Reuters) - Indian consumer goods company Marico (MRCO.NS) said on Wednesday it will acquire a 58% stake in Satiya Nutraceuticals, which owns a plant-based nutrition brand, for 3.69 billion rupees ($45 million).
Marico, owner of the Parachute oil brand, has so far bought a 32.75% stake in Satiya Nutraceuticals and will complete the acquisition of the remaining stake in tranches by May 2025.
This deal comes at a time when plant-based food items are gaining traction and drawing investments.
\“This deal will expand Maricos total addressable market in the value-added foods and nutrition segments as well as presence in the rapidly growing Health & Wellness category,\” the company said in a statement.
Satiya Nutraceuticals owns the Plix brand, which has a portfolio of non-GMO, vegan and gluten-free products.
The companys consolidated turnover has more than doubled to 1.06 billion rupees in fiscal 2023 from a year ago, Marico said.
Marico will report its June-quarter results on July 28.
($1 = 82.0113 Indian rupees)
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