“The steadiness stake will probably be acquired, foundation pre-defined valuation standards, topic to different situations agreed to within the binding paperwork,” ITC mentioned.
The firm will initially make investments Rs 175 crore by subscribing to shares representing 39.4% stake within the start-up by February 15. Further, it’s going to infuse Rs 80 crore by March 31, 2025.
The steadiness stake will probably be acquired by ITC primarily based on the pre-defined valuation standards inside 3 months of Sproutlife offering its monetary outcomes for the 12 months ending March 2026. Sproutlife Foods’ turnover elevated to Rs 68 crore in 2021-22 (April-March) from Rs 32 crore in 2019-20.
Sproutlife manufactures and sells meals merchandise below the trademark ‘Yoga Bar’.
Yoga Bar has a product portfolio, together with vitamin bars, muesli, oats and cereals. It at the moment has a excessive salience of on-line gross sales, with rising presence in offline shops. The acquisition will allow ITC to reinforce its future-ready portfolio and improve market presence within the ‘Good for You’ house, which at the moment consists of Aashirvaad multi-grain atta, Aashirvaad Nature’s Super Foods, Farmlite vary of biscuits, Sunfeast Protein Shake, B Natural Nutrilite ABC Beverage, amongst others.
“Yoga Bar is anticipated to be quickly scaled up, leveraging ITC’s enterprise strengths in areas resembling gross sales and distribution, sourcing, product growth, and digital,” ITC mentioned in a launch.
This funding is according to the ‘ITC Next’ technique articulated by Chairman Sanjiv Puri that focuses additionally on constructing a future-ready portfolio of merchandise.
“We look ahead to scaling the Yoga Bar model providing superior and wholesome shopper decisions,” Hemant Malik, divisional chief government, meals division at ITC, was quoted as saying.
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