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Fast-moving consumer goods company Marico Ltd on Wednesday announced the acquisition of a 60% equity 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 build scalable digital-first offerings and a premium portfolio of personal care brands. The equity stake will be acquired over two years, through primary infusion and secondary buyouts, the company said in a filing to the exchanges.

Marico, which sells Parachute hair oil and Saffola cooking oil, intends to build a portfolio of at least three 100-crore plus digital brands within three years.

The company shall acquire 52.4% of the total paid-up share capital by 31 July 2021 and thus Apcos Naturals shall become its subsidiary. Marico will acquire the remaining 7.6% by 31 March 2023, according to the conditions set out in the shareholders agreement signed between the parties, Marico said in its filings.

Acquisition of the shares of Apcos Naturals will be done at a mutually agreed pre-money enterprise valuation. Marico said it wants to accelerate its digital transformation and effectively participate in new-age internet first brands that are fast filling the gap in the branded premium personal care or packaged foods space, with products that appeal to millennials.

Just Herbs, which was founded by Arush Chopra and Megha Sabhlok in 2018, sells a range of bespoke, Ayurvedic skin and hair care offerings.

ABOUT THE AUTHOR

Suneera Tandon

Suneera Tandon is a New Delhi based reporter covering consumer goods for Mint. Suneera reports on fast moving consumer goods makers, retailers as well as other consumer-facing businesses such as restaurants and malls. She is deeply interested in what consumers across urban and rural India buy, wear and eat. Suneera holds a masters degree in English Literature from the University of Delhi.
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