Diversified conglomerate (*24*) Ltd on Thursday introduced that it’ll acquire Sresta Pure Bioproducts Pvt Ltd (SNBPL), the corporate behind the 24 Mantra Organic brand, for Rs 472.50 crore, in a transfer to strengthen its presence within the excessive-progress natural packaged meals area.
In accordance to a regulatory submitting, (*24*) has signed a share buy settlement to acquire a 100% stake in SNBPL, which is engaged in manufacturing and promoting a large portfolio of natural meals merchandise below the 24 Mantra Organic brand.
“The acquisition is in keeping with the technique to increase the corporate’s future-prepared portfolio. The transaction will fortify (*24*)’s presence and market standing within the excessive-progress natural merchandise phase in each Indian and abroad markets,” it mentioned, as reported by PTI.
SNBPL gives over 100 natural merchandise, together with grocery staples, spices, condiments, edible oils, and drinks. It additionally enjoys a big worldwide presence, particularly among the many Indian diaspora, due to its established natural sourcing and distribution community.
“The share acquisition is anticipated to be accomplished in Q1 of FY 2025-26 or such later date as could also be mutually agreed upon by the Events,” (*24*) famous in its submitting.
The deal, valued at up to Rs 472.50 crore on a money-free, debt-free foundation, contains an upfront cost of Rs 400 crore at closing and a possible earn-out of up to Rs 72.50 crore over the next 24 months.
(*24*) acknowledged that the acquisition aligns with its ‘(*24*) Subsequent’ technique, spearheaded by Chairman Sanjiv Puri, which emphasizes constructing a future-prepared portfolio catering to evolving shopper preferences for well being and wellness.
“We’re excited to have 24 Mantra Organic as half of (*24*)’s Meals Enterprise’s portfolio of diet-led wholesome meals merchandise. 24 Mantra Organic has constructed a sturdy backend and sourcing community which is core to its trusted natural merchandise portfolio,” mentioned (*24*) Wholetime Director Hemant Malik.
Rajashekar Reddy Seelam, founder and Managing Director of SNBPL, welcomed the deal, saying, “(*24*) shares a typical imaginative and prescient to promote sustainable livelihoods for farmers and guarantee wholesome existence for shoppers. We’re assured that (*24*)’s strengths in product growth experience and distribution power throughout channels will assist in taking 24 Mantra Organic to thousands and thousands of properties.”
SNBPL, which was included in March 2004, recorded a income of Rs 306.1 crore in FY 2023-24.
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