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Major hotel cigarette company ITC Ltd said on Friday it will acquire 16 percent of Mother Sparsh Baby Care Private Ltd, a premium direct-to-consumer Ayurvedic and natural personal care brand.

ITC has agreed to acquire 16 percent of Mother Sparsh’s share capital on a fully diluted basis. This investment is in line with the ‘ITC Next’ strategy articulated by President Sanjiv Puri, which aims to build a future-proof organization with a culture of digital.

One of the identified pillars of this strategy is to accelerate digital transformation by developing consumer goods brands in the digital first place. ITC has also focused on strengthening D2C distribution platforms and has created a vibrant ITC eStore.

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Sameer Satpathy, CEO, Personal Care Products Business, ITC, said: “We believe this investment provides an exciting opportunity that is aligned with our aspiration to have meaningful play in both the Ayurvedic and natural segment and the D2C Mother. Sparsh, in a short span of time, has grown into an effective D2C brand with a range of innovative products and lots of promise. “

Speaking about this investment by ITC, Himanshu, CEO of Mother Sparsh said: “We are delighted that ITC has stepped up to invest in our company, which has been growing stronger every year. ITC has pioneered the development from a portfolio of vibrant consumer goods brands and has made great strides in this space through a focus on innovation and digitization. We believe this partnership will provide a unique synergy of strengths to further build our brand. “

(Edited by : Jomy Jos Pullokaran)

First published: IST



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