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.
Stock markets decline after initial gains due to foreign fund outflows and blue-chip selling, highlighting key laggards like TCS and HCL Tech.
The rupee declines to 90.22 against the dollar, influenced by global trade uncertainties and rising crude oil prices.
Google parent Alphabet Inc. on Monday became the fourth Big Tech powerhouse to be valued at $4 trillion
Fed's Williams emphasizes a favorable economic outlook, asserting monetary policy is well-positioned to balance inflation and job market stability.
As India’s solar energy capacity continues to accelerate, the domestic industry is seeking an enhanced Production-linked incentive scheme, second instalment of PM-Kusum and viability gap funding to accelerate potential for energy storage, in the upcoming Union Budget.
HCL Tech, a Noida-based tech firm promoted by Shiv Nadar, on Monday posted third-quarter net profit of ₹4,076 crore, a 11% decline from ₹4,591 crore it reported a year earlier.
Public sector banks appeal against a stay on fraud classification proceedings against Anil Ambani, citing legal flaws in interim relief.
Sensex rebounds 300 points after five-day decline, driven by bargain hunting amid geopolitical tensions and foreign fund outflows.
BSE warns investors about a fraudulent deepfake video of its CEO offering unauthorized stock recommendations on social media.
Rupee recovers 2 paise to close at 90.16 against the dollar amid improved market sentiment and trade deal discussions.
Maruti Suzuki approves ₹35,000 crore second plant in Gujarat, aiming for 10 lakh units annually by FY29.
Gold and silver futures soar to record highs amid U.S. Fed probe and escalating geopolitical tensions, driving investors to safe havens.
OpenAI and SoftBank Group will invest $500 million each in SB Energy to expand data centre and power infrastructure for their Stargate initiative