Wednesday, July 24, 2024

Patanjali Foods to Acquire Patanjali Ayurved’s Non-Food Business for Rs 1,100 Crore

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Patanjali Foods Ltd is set to acquire the non-food business of Patanjali Ayurved, led by Baba Ramdev, for Rs 1,100 crore. According to a regulatory filing, the board has approved the acquisition, which encompasses the entire non-food business, including hair care, dental care, skin care, and home care segments. This also includes all movable assets, immovable properties, contracts, licenses, books and records, employees, and certain assumed liabilities of Patanjali Ayurved, through a slump sale arrangement on a going concern basis.

The acquisition depends on the approval of shareholders, lenders, and other necessary clearances, including from the Competition Commission of India. The total payment will be made in five tranches. Patanjali Foods CEO Sanjeev Asthana mentioned that the company would fund the deal through internal cash reserves. The transaction is expected to be completed within the current quarter.

In 2023, Patanjali Foods Ltd reported a revenues of Rs 318 billion, marking a significant increase from Rs 242 billion in 2022.

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