Textile major Raymond Group has acquired Ansell’s 50% stake stake in a joint venture entity known as JK Ansell Pvt. Ltd. for ₹19.3 crore.
With this transaction, the sexual wellness and personal care business will continue to remain in JK Ansell which will become a wholly owned subsidiary of J.K. Investo Trade (India) Limited (“JKIT”), a Raymond Group Company, said a statement. As per the proposed deal, JKIT will sell its stake in the gloves business to Pacific Dunlop Holdings (Singapore) Pte. Ltd. (Ansell Group Company) for ₹11.3 crore. This acquisition will pave the way for Raymond to further scale up the FMCG business and unlock the potential of KamaSutra brand globally.
Raymond announced the formation of its FMCG group last year with a vision to be a player of choice amongst the new India, offering premium products for personal and home care categories.
Gautam Hari Singhania, CMD, Raymond Limited said: “As a part of our Raymond Re-Imagined journey, scaling up and creating a strong FMCG business is an important driver of value creation for the group. This acquisition gives us the full ownership of Brand KamaSutra that strengthens our FMCG portfolio and is a step towards value creation.”
