CESC Ventures, a part of the Sanjiv Goenka-owned RP-Sanjiv Goenka Group, will acquire a majority stake in Herbolab India Pvt Ltd, makers of ayurvedic medicines and products under the ‘Dr Vaidya’s’ brand.
The acquisition marks the company’s foray into the ayurvedic medicines and products category.
According to a stock market notification, CESC Ventures will pick up a 64.63 per cent stake for a cash consideration of Rs 32.175 crore. The company will acquire 9,13,793 fully paid-up equity shares.
Herbolab was incorporated in May 1980 and is into manufacturing and selling of ayurvedic offerings. It has a pan-India presence and reported revenues of Rs 2 crore (apprx) in FY19.
“The investment in Herbolab will help the company expand its existing portfolio into the ayurvedic products manufacturing segment and will bring synergies,” CESC Ventures said in a stock market notification.