Marico Buys 70.5% In New York Firm

Mumbai, February 26: | Updated: Feb 27 2003, 05:30am hrs
Marico Indu-stries Limited has acquired a controlling equity stake of 70.5 per cent in Sundari LLC. Sundari LLC, a New York-based company, is the owner of Sundari line of luxury ayurvedic skin care products.

The transaction is Maricos first acquisition in a developed country. Marico with 63 per cent and its affiliate Adil & Associates with 7.5 per cent have totally acquired 70.5 per cent of the equity of Sundari LLC, the newly-formed joint venture between Marico and Shantih LLC.

Shantih LLC, which is owned by founders of Sundari and a group of private investors will own the remaining 29.5 per cent. According to Marico chairman Harsh Mariwala, the transaction was a strategic milestone. It allows us to increase our value-added presence with an established nad recognised consumer brand, he said.

Retailing for between $22-$90, the Sundari skincare line consists of 20 products including cleansers, moisturizers and essential oils with packaging designed by Fabien Baron. The companys turnover for 2002 was estimated at $1 million.