Cipla to acquire cosmetics, personal care distribution and marketing business of Ivia Beauty for Rs 130 crore
[ad_1]
New Delhi . Pharmaceutical major Cipla Ltd will acquire the worldwide cosmetics and personal care distribution and marketing business of Ivia Beauty Pvt Ltd for Rs 130 crore. This also includes its brands Astaberry, Aikin and Bhimsaini.
Cipla Health Limited (CHL), a wholly owned subsidiary and consumer healthcare arm of Cipla Health Limited (CHL), has entered into an agreement to acquire the distribution and marketing business venture of cosmetics and personal care business of Ivia Beauty Private Limited, the company said in a filing to the stock exchange. ‘Business Transfer Agreement’ (BTA) has been signed. This strategic move is in line with Cipla’s focus on growing its consumer healthcare and wellness segment. The company said the acquisition will include Ivia Beauty’s Astaberry, Aikin and Bhimsaini brands.
On the acquisition cost, Cipla said, “It will be Rs 130 crore on closing date and Rs 110 crore subject to fulfillment of certain financial criteria as outlined in the BTA for the next three years.” According to the company, “The BTA of the transaction will be Rs. Expected to be completed within 60 days of signing or any other date mutually agreed upon in writing between the parties. This will be subject to successful completion/waivers of the foregoing and closing conditions mentioned in the BTA.”
Shivam Puri, Chief Executive Officer and Whole-time Director, CHL, said on the acquisition, “This move not only strengthens our presence in the broad and dynamic beauty and personal care sector, but also builds on our already established presence in small and medium cities. Strengthens.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
[ad_2]
Source link
