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BENGALURU: Pharmaceuticals giant Mankind Pharma Ltd. on Monday said it has acquired a majority stake in Upakarma Ayurveda Pvt Ltd through one of its subsidiaries for an undisclosed amount.

“As Mankind Pharma works towards improving the healthcare of people, we have associated with Upakarma Ayurveda in order to cater to the emerging needs of consumers," Mankind Pharma’s vice chairman and managing director Rajeev Juneja said.

The stake acquisition would allow Upakarma Ayurveda to widen its product offering, penetrate the market and leverage Mankind’s distribution network. The company’s operations include development, manufacture and sales of ayurvedic and herbal products.

The stake buy comes after the ChrysCapital-backed pharma company filed draft papers for its initial public offering with Securities and Exchanges Board of India (Sebi) in September, which comprises an OFS (offer for sale) of 4 crore equity shares by promoters and existing shareholders.

In February, VCCircle had reported that Mankind Pharma, along with the family offices of QRG Group, which owns the Havells brand, invested in defence startup NewSpace Research & Technologies Pvt Ltd, in a larger funding round of about $21 million.

The company had reported an operational revenue of 7,781.56 crore in the financial year ended March 2022, up 25% on year.Profit for FY22 was at 1,452.96 crore, up from 1,293 crore a year ago.

The company, earlier this year, announced its foray into the agritech space by launching Mankind Agritech Pvt. Ltd with an investment of 200 crore over the next two to three years.

Founded in 1991, Mankind offers several consumer healthcare products including emergency contraceptives Unwanted 72, Manforce condoms, Prega-News, Gas-o-Fast ayurvedic antacids and skin ointment Acnestar, with a focus on the Indian market.

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