Jan 11, 2023, 06:00 pm
Major FMCG player Hindustan Unilever today announced that it has completed the 51 per cent acquisition of Zywie Ventures Pvt Ltd.
The company has completed the acquisition of 51 per cent of Zywie Ventures for ₹264.28 crore for the first tranche of the acquisition.
"Hindustan Unilever Limited (“the Company") has completed the acquisition of 51% shareholding of Zywie for a total consideration of INR 264.28 Crores for the first tranche, in accordance with the terms and conditions of the Definitive Agreements dated 8th December, 2022," said Hindustan Unilever in its regulatory filing.
In December, HUL announced plans to acquire 100% in Zywie Ventures (Oziva) in two tranches with 51.00% of the shareholdings to be acquired in the first purchase and the remaining 49.00% to be acquired in the second tranche.
Zywie Ventures which OZiva, a pioneering plant-based and clean-label consumer wellness brand that was established in 2016, focuses on areas with significant demand for lifestyle protein, hair and beauty supplements, and women's health.
Through a combination of main infusion and secondary buyouts, HUL will acquire a 51% equity stake. At the conclusion of 36 months, the remaining 49% will be acquired at the end of 36 months based on pre-agreed valuation criteria, said HUL.
Hindustan Unilever Ltd (HUL) net profit rose to ₹2,616 crore for the three months ended 30 September from ₹2,187 reported in the year-ago period. The FMCG major's revenue from operations rose 15.9% to ₹14,751 crore as against ₹12,724 crore in the same quarter last year.