ITC on Monday told BSE in a filing that it is looking to acquire Sproutlife Foods Private Limited, an Indian company primarily engaged in the business of manufacture and sale of food products under the trademark ‘Yoga Bar’.
The company said it has signed a Binding Term Sheet to acquire 100 per cent of the share capital (on a fully diluted basis) of Sproutlife in one or more tranches.
Sproutlife is a D2C startup which is positioned as a digital first brand, Yoga Bar currently has high salience of on-line sales (D2C, e-commerce platforms etc.) with growing presence in offline stores. The company’s turnover in 2021-22 was Rs 68 crore, up from Rs 39 crore in 2020-21.
This acquisition by ITC is in line with its strategy to augment the company’s future ready portfolio. The acquisition also strengthens and expands ITC’s reach with innovative food products for health conscious consumers.
The filing said that the 100 per cent acquisition of the share capital of Sproutlife (on a fully diluted basis) is going to happen over a time period of about three to four years from the execution of transaction documents.