FMCG major Hindustan Unilever Ltd on Wednesday said it has completed the acquisition of a 51 per cent stake in Zywie Ventures for a consideration of Rs 264.28 crore.
Now, Zywie Ventures, a wellness company, has become a subsidiary of HUL.
"HUL has completed the acquisition of 51 per cent shareholding of Zywie for a total consideration of Rs 264.28 crore for the first tranche, in accordance with the terms and conditions of the definitive agreements dated 8th December 2022," according to a regulatory filing.
On December 8 last year, HUL announced it will acquire a 51 per cent stake in Zywie Ventures, marking its entry into the health and wellbeing segment.
As per the agreement, HUL will acquire the remaining 49 per cent in the next 36 months based on pre-agreed valuation criteria, it had said.