Bajaj Corp Ltd on Thursday announced acquisition of Ozone Ayurvedics' Nomarks brands for an undisclosed amount.
With the acquisition, the company aims to strengthen its position in the personal care segment.
Commenting of the acquisition, Bajaj Corp Ltd Chairman Kushagra Nayan Bajaj said: "The acquisition of Nomarks brand is a strategic move as it enhances our presence in the personal care market and gives us an entry to the skin care category."
"Nomarks brand gives us an opportunity to play in the additional Rs 8,500 crore personal care space," Bajaj added.
Bajaj has acquired the entire intangible assets of Nomarks including trademarks. Nomarks' product range includes face wash, facial cream, facial scrub and lotion.
Bajaj said it will leverage on its distribution strength to grow Nomarks brand.
"We have opportunities to restructure the brand architecture using current consumer insights and then relaunch some of the products under Nomarks as well as launch new innovative products," Bajaj Corp Ltd MD Sumit Malhotra said in a statement.
Nomarks will continue to be manufactured by Ozone Ayurvedics for one year under the transition support agreement, Bajaj Corp said in a statement.
On the deal, Ozone Ayurvedics Sole Proprietor S C Sehgal said: "Ozone Ayurvedics has taken a strategic decision to transfer the Nomarks brand to Bajaj Corp. Ozone will continue to focus upon its mother businesses under the Ozone equity."
Nomarks has more than 12 per cent market share in the Rs 342 crore anti marks category, it added. This is the fist acquisition by Bajaj Corp.
Bajaj Corp's has several products in the hair care segment such as Bajaj Almond Drops, Bajaj Kailash Parbat and Bajaj Brahmi Amla.