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USV, a pharmaceutical and biotechnology company, will acquire a 79 per cent stake in Wellbeing Nutrition at a valuation of Rs 1,583 crore. USV has signed a definitive agreement to acquire a 79 per cent equity stake in Nutritionalab Pvt Ltd, which owns "Wellbeing Nutrition", according to a joint statement. This includes 35 per cent from the founder Avnish Chhabria and 44 per cent from existing shareholders. Its investors -- Early backers Fireside Ventures and Hindustan Unilever -- will divest their collective 40 per cent stake. This Rs 1,583 crores all-cash transaction represents the largest exit in India's health and wellness startup space to date, it added. This strategic expansion of USV, a leading player in diabetes and cardiac care, into consumer wellness is aligned with its expansion across the healthcare continuum. "The addition of Wellbeing Nutrition reinforces USV's evolution into a comprehensive healthcare powerhouse spanning both therapeutic excellence and consumer ...
Packaged food manufacturer Annapurna Swadisht Ltd on Tuesday announced that it would acquire a majority stake in West Bengal-based Andri Agro Foods Pvt Ltd for a total enterprise value of Rs 15 crore. The company has entered into an agreement to acquire 75 per cent of the equity share capital in AAFPL. Post-acquisition, Andri Agro Foods will become a subsidiary of ASL, a company statement said. The move is aimed at strengthening ASL's product portfolio and enabling its entry into the soya-based food products market both in India and overseas. AAFPL manufactures a range of products, including soya chunks and textured vegetable protein (TVP). "The acquisition of AAFPL will enable us to establish our presence in the soya-based product markets both in India and overseas. Besides, it will enable us to enter the groceries segment through bulk and premium namkeen products," Annapurna Swadisht CMD Shreeram Bagla said. The deal would also open export opportunities for the company's existi