Hindustan Unilever announced on Wednesday that it had completed the acquisition of a 51 per cent stake in Zywie Ventures for Rs 264.28 crore.
Zywie Ventures, a wellness company, has been acquired by Hindustan Unilever.
“Hindustan Unilever has completed the acquisition of 51 per cent of Zywie for a total consideration of Rs 264.28 crore for the first tranche, in accordance with the terms and conditions of the definitive agreements dated 8 December 2022,” according to a regulatory filing.
The company announced on 8 December that it would acquire a 51 per cent stake in Zywie Ventures, marking its entry into the health and wellness segment.
Hindustan Unilever will acquire the remaining 49 per cent within the next 36 months based on pre-agreed valuation criteria, it said.
Sanjiv Mehta, CEO and Managing Director, HUL said: “We are delighted to welcome OZiva and Wellbeing Nutrition to the HUL family and our portfolio of purpose-led brands. These strategic investments give us an entry into the fast-growing Health & Wellbeing category.”
“They align strongly with our mission to improve the health and wellbeing of consumers and empower people to take charge of their health through solutions that they can trust. I strongly believe that HUL is well-positioned to support further scale-up of these businesses through our R&D, Market Development, Distribution capabilities and Unilever’s global Health & Wellbeing expertise,” he added.
Aarti Gill & Mihir Gadani, Founders of OZiva said: “We are glad to partner with HUL to achieve our vision of empowering people to live better and healthier with OZiva. Over the last few years, we have created an innovative portfolio that has helped millions of consumers live a better life.”
As the next step in this journey, the company believes that by combining OZiva’s focus on innovation in the health and wellness space and HUL’s strong capabilities in category development and distribution, they can jointly create a stronger purpose-led brand that brings them closer to their vision and touches more lives around the world.
