India: Emami to acquire Axiom Ayurveda for $24 million

Emami, the Indian personal care and healthcare group, is to acquire the remaining 73.5% stake in Axiom Ayurveda in a deal valued at up to 2 billion INR ($24.1 million).

Axiom Ayurveda, the Indian health and wellness company, is the manufacturer of the AloFrut brand, which specialises in aloe vera-based fruit juices. According to reports in the Economic Times, the acquisition includes Axiom’s manufacturing facility in Ambala, Haryana. The company recorded a turnover of 1.29 billion INR ($15.5 million) during the 2022-23 financial year.

The move marks Emami’s entry into the beverage industry as it seeks to diversify its portfolio. This follows Emami’s previous strategic expansion in the wellness market, such as its acquisition of the Dermicool brand in 2022.

Commenting on the transaction, Harsha Vardhan Agarwal, Vice Chairman and Managing Director of Emami, said: “With the completion of the acquisition, we bring Axiom fully into the Emami fold, marking our formal entry into the fast-growing & huge beverage segment”.

The deal is expected to be completed within three months, according to Exchange4Media.