Marico said on Wednesday it will acquire a 58 per cent stake in Satiya Nutraceuticals, which owns a plant-based nutrition brand, for Rs 369 crore.
Marico, the owner of the Parachute oil brand, has so far bought a 32.75 per cent stake in Satiya Nutraceuticals and will complete the acquisition of the remaining stake in tranches by May 2025.
This deal comes at a time when plant-based food items are gaining traction and drawing investments.
“This deal will expand Marico’s total addressable market in the value-added foods and nutrition segments as well as the presence in the rapidly growing Health & Wellness category,” the company said in a statement.
Satiya Nutraceuticals owns the Plix brand, which has a portfolio of non-GMO, vegan and gluten-free products.
The company’s consolidated turnover has more than doubled to Rs 106 crore in fiscal 2023 from a year ago, Marico said.
Marico will report its June quarter results on 28 July.
