Hindustan Unilever limited(HUL) announced that it had completed the acquisition of 51% of Zywie Ventures for a total consideration of Rs 264.28 crore. Zywie Ventures has become a subsidiary of the company as a result of the above acquisition. According to the company, the acquisition’s goal is to enter the health and wellness category.
Zywie Ventures produces, buys, sells, trades, and deals in protein products, vitamins, minerals, and supplements, and beauty and personal care. For the fiscal year ended 31 March 2022, the company reported a turnover of Rs 124.17 crore. The acquisition, according to the company, is in accordance with the terms and conditions of the definitive agreements signed on December 8, 2022. On the same date, the company acquired a 19% stake for a total consideration of Rs 70 crore.
HUL is the largest fast-moving consumer goods company in India. In Q2 FY23, the FMCG major reported a 20% increase in standalone net profit to Rs 2,616 crore on a 16% increase in net sales to Rs 14,514 crore compared to Q2 FY22.