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ITC to invest Rs 20 cr for 16% stake in Mother Sparsh

Capital Market 

ITC has agreed to invest in Mother Sparsh Baby Care (Mother Sparsh), a premium ayurvedic and natural personal care brand in the D2C space with a focus on the mother and baby care segment. It has a wide range of baby and mother care products that leverages the wisdom and knowledge of Ayurveda for potent product delivery. ITC has agreed to acquire 16% of the share capital of Mother Sparsh on a fully diluted basis.

The cost of acquisition is Rs 16 crore for 100 equity shares and 1980 compulsorily convertible preference shares.

This investment is in line with the 'ITC Next' strategy articulated by Chairman Sanjiv Puri which aims to build a future ready organization with a digital first culture. One of the identified pillars of this strategy is to accelerate digital transformation by developing digital first FMCG brands. ITC has also been focusing on strengthening D2C platforms of distribution and has created a vibrant ITC eStore.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 26 2021. 15:03 IST