Home-grown FMCG firm Marico will acquire a majority stake in Satiya Nutraceuticals, which owns plant-based nutrition brand Plix, for a consideration of Rs 369.01 crore.
The company has signed a definitive agreement to acquire a majority stake of 58 per cent in Satiya Nutraceuticals for a consideration of Rs 369.01 crore, Marico said in a regulatory filing on Wednesday.
According to Marico this is in line with its key strategic priorities.
"The transaction will further expand Marico's total addressable market in the value-added foods and nutrition segments as well as presence in the rapidly growing Health & Wellness category," it said.
It has completed acquisition of 32.75 per cent of the paid-up share capital of Satiya Nutraceuticals through primary infusion and secondary buyouts, completed on July 26, 2023.
It will acquire the remaining 25.25 per cent of the paid-up share capital of Satiya Nutraceuticals on a fully-diluted basis, in one or more tranches by May 2025, said Marico.
"In line with our strategy to accelerate our diversification journey, the investment in Plix not only expands our total addressable market in value-added wellness foods and nutrition segments, but also brings another digital first brand with a distinct value proposition into our fold," said Saugata Gupta, MD and CEO, Marico.
Co-founded by Rishubh Satiya and Akash Zaveri, Satiya Nutraceuticals owns “The Plant Fix- Plix”, a digital-first, clean label, plant-based nutrition brand, with a strong presence in the rapidly growing health and wellness segments in India.
"In partnership with Marico, we will prioritize strengthening the brand’s equity and expedite growth by expanding into new categories and channels.
"In addition to leveraging Marico’s core competencies, we foresee compelling synergies that align with our brand’s aspirations, thereby signifying a fruitful strategic partnership in the years ahead," said Rishubh Satiya & Akash Zaveri, Co-founders of Plix.
For the financial year that ended on March 31, 2023, consolidated turnover of Satiya Nutraceuticals was at Rs 106.43 crore.