ITC’s share acquisition of Mother Sparsh will be done on a fully diluted basis and is expected to be completed in two tranches within eight months from the date of execution of the agreements.
ITC will acquire a 16 percent stake in D2C Ayurvedic and natural personal care brand ‘Mother Sparsh’.(Representative image)
Kolkata-headquartered cigarette-to-hotel conglomerate ITC announced on November 26 that it would be acquiring a 16 percent stake in D2C Ayurvedic and natural personal care brand ‘Mother Sparsh’ for Rs 20 crore through a share subscription deal.
ITC said in a regulatory filing that the acquisition “will enable access to the fast-growing direct to consumer (D2C) space in the personal care category, which has been identified by the company as an area of interest”.
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“This investment is in line with the ‘ITC Next’ strategy articulated by Chairman Sanjiv Puri, which aims to build a future-ready organisation with a digital-first culture,” ITC said, adding it “has also been focusing on strengthening D2C platforms of distribution”.
Mother Sparsh products (Image: mothersparsh.com)
The share acquisition of Mother Sparsh will be done on a fully diluted basis and is expected to be completed in two tranches within eight months from the date of execution of the agreements.
Speaking about the acquisition, Sameer Satpathy, Chief Executive, Personal Care Products Business, ITC said: “We believe that this investment provides an exciting opportunity which is in alignment with our aspiration to have a significant play both in the naturals and ayurvedic segment as well as in the D2C channel. Mother Sparsh has, within a short span of time, evolved into an effective D2C brand with a range of innovative products and a lot of promise.”ITC to acquire 16% stake in Mother Sparsh for Rs 20 crore - Moneycontrol.com
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