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.