New Delhi:
Baba Ramdev-led Patanjali Ayurved is going to sell its home and personal care business to another company. For this, Patanjali has made a deal with the listed company of the group Patanjali Foods Limited for 1100 crore rupees. The acquisition will help edible oil company Patanjali Foods become an FMCG (daily consumer goods) company.
Patanjali Foods told the stock market that its board of directors has approved the acquisition of the entire non-food business of Patanjali Ayurveda. This includes acquisition of hair and skin care, dental care and household products. The deal includes all movable assets, immovable properties, contracts, licenses, books and records, employees and certain assumed liabilities of PAL.
According to information provided to the stock exchange, Patanjali Foods and Patanjali Ayurveda have also agreed to a license agreement, which will allow the company to use trademarks and related intellectual property rights owned by Patanjali Ayurveda.
Based on valuation by independent valuers Rs. The deal has been done for a lump sum of Rs 1,100 crore. After the approval of the Board of Directors, Patanjali Foods will now take the necessary steps to execute the definitive agreements in connection with the acquisition. Will also apply for necessary approvals.