Patanjali Ayurved is one of the promoters of Patanjali Foods. | File Photo
The Competition Commission of India (CCI) on Tuesday cleared the proposed acquisition of the home and personal care business of Patanjali Ayurved by Patanjali Foods in a Rs 1,100 crore deal.
“The proposed combination involves the acquisition of Patanjali Ayurved Ltd’s (PAL) Home and Personal Care (HPC) business division (nonfood business) by Patanjali Foods Ltd (PFL),” the CCI said in a release.
Click here to connect with us on WhatsApp
Patanjali Foods is engaged in processing of oilseeds, refining of crude oil for edible use, production of oil meal, food products from soya and value-added products from downstream and upstream processing.
It is also engaged in the business of fast-moving consumer goods, fast moving health goods comprising mainly of food, biscuits and nutraceutical products and engaged in generation of power from wind energy and trading in various products.
Patanjali Ayurved is engaged in the business of manufacturing, trading, packing and labelling of ayurvedic medicines, HPC items such as dairy items and bulk trading of rice, etc.
The HPC division encompasses products under haircare, skincare, dental care and home care segment.
In July this year, edible oil major Patanjali Foods announced that it will acquire Baba Ramdev-led Patanjali Ayurved’s home and personal care business for Rs 1,100 crore, as part of its efforts to become a leading FMCG company.
Patanjali Ayurved is one of the promoters of Patanjali Foods. The acquisition falls under related party transactions being undertaken on a fair value and arms’ length basis.
Patanjali Foods, which was acquired by the PAL through an insolvency process, had posted a total revenue of Rs 31,961.62 crore in the last fiscal as against Rs 31,821.45 crore in the preceding year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 08 2024 | 9:24 PM IST
