ITC to acquire 24 Mantra Organic brand for ₹472.50 crore, 73.5% remaining stake in Mother Sparsh Baby Care
The Hindu
ITC acquires SNBPL for ₹472.50 crore to boost organic food products, expanding market presence in India and abroad.
Multi-conglomerate ITC will acquire Sresta Natural Bioproducts Private Ltd. (SNBPL) , which owns the 24 Mantra Organic brand, in an all-cash deal valued at ₹472.50 crore, to expand its play in the fast-growing organic food products.
ITC has signed a share purchase agreement with Sresta Natural Bioproducts Private Limited (SNBPL) to acquire a 100% stake in the company, ITC informed in a regulatory filing.
Besides which, ITC also announced the acquisition of the remaining 73.5% stake of Mother Sparsh Baby Care, an associate company, having previously acquired a 26.5% stake in D2C company Mother Sparsh in 2022.
About the deal with SNBPL, ITC said it will be an all-cash deal, and the cost of acquisition is up to ₹472.50 crore on a cash-free, debt-free basis.
"The share purchase agreements, comprising ₹400 crore payable upfront at closing and up to ₹72.50 crore payable in the next 24 months post closing," it said.
The acquisition is "in line with the strategy to augment the company's future-ready portfolio, the transaction will fortify ITC's presence and market standing in the high-growth organic products segment in both Indian and overseas markets," ITC added.
SNBPL's portfolio comprises a wide range of over 100 organic products, spanning branded grocery staples, spices and condiments, edible oils, and beverages, among others. Besides, it has a strong international presence with a deep connection with the Indian diaspora.
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