India’s Marico to buy 58% stake in plant-based brand for $45 million

BENGALURU (Reuters) – Indian consumer goods company Marico said on Wednesday it will acquire a 58% stake in Satiya Nutraceuticals, which owns a plant-based nutrition brand, for 3.69 billion rupees ($45 million).

Marico, owner of the Parachute oil brand, has so far bought a 32.75% stake in Satiya Nutraceuticals and will complete the acquisition of the remaining stake in tranches by May 2025.

This deal comes at a time when plant-based food items are gaining traction and drawing investments.

“This deal will 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,” the company said in a statement.

Satiya Nutraceuticals owns the Plix brand, which has a portfolio of non-GMO, vegan and gluten-free products.

The company’s consolidated turnover has more than doubled to 1.06 billion rupees in fiscal 2023 from a year ago, Marico said.

Marico will report its June-quarter results on July 28.

($1 = 82.0113 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru; Editing by Sonia Cheema)