New Delhi : FMCG player Emami announced acquisition of ayurvedic hair and scalp care brand Kesh King for Rs 1,651 crore in its foray into the fast-growing haircare segment. “The transaction envisages transfer of the business as a growing concern on a slump sale basis and will include brand portfolio of ayurvedic medicinal oil, herbal shampoo and conditioner and ayurvedic capsules, along with its respective formulations and all related assets, rights and liabilities, including working capital for a total consideration of Rs 1,651 crore,” Emami said in a statement.
Emami Director Harsha V Agarwal said: “This acquisition is part of our aggressive growth strategy… We plan to leverage the target business with our existing strength to make our presence stronger and deeper. The transaction is a perfect strategic fit for Emami.”
Earlier this year, the FMCG major acquired a controlling stake in Australia-based Fravin Pty, along with its three subsidiaries for an undisclosed sum.
