India: ITC to acquire 24 Mantra Organic brand

ITC, the Indian conglomerate, has announced that it has entered into a share purchase agreement to acquire 100% of the shares of Sresta Natural Bioproducts (SNBPL), the company behind organic food and drink brand 24 Mantra Organic, for 472.5 crore INR ($56.7 million).

SNBPL offers over 200 products from staples to juices and ready-to-cook foods, ITC said in a statement, adding that the company’s vertically integrated supply chain promotes sustainable livelihoods for 27,500 farmers across 10 states.

Commenting on this move, ITC wholetime director Hemant Malik said: “We are excited to have 24 Mantra Organic as part of ITC’s Foods Business’s portfolio of nutrition-led healthy foods products. 24 Mantra Organic has built a robust backend and sourcing network which is core to its trusted organic products portfolio.

“Aligning with national priorities, we are confident that 24 Mantra Organic will fortify ITC’s presence and market standing in the high growth organic products space, in both Indian and overseas markets”, he added.

SNBPL founder & managing director Rajashekar Reddy Seelam added: “We are confident that ITC’s strengths in product development expertise and distribution strength across channels will help in taking 24 Mantra Organic to millions of homes for many generations to come, improve livelihoods of large number of farmers across the country and carry forward our legacy of ecological stewardship”.

Source: ITC