-- Personal care products company Emami (NSE:EMAMILTD, BOM:531162) agreed to acquire a 60% stake in IncNut Digital for up to 3.21 billion Indian rupees, according to a Thursday filing to the Indian stock exchanges.
IncNut Digital, through its wholly owned subsidiary IncNut Lifestyle Retail, is engaged in the personalized beauty and personal care segment under the Vedix and SkinKraft brands.
The transaction, which is expected to be completed in 30 days, includes performance-linked adjustments over 24 months.
Emami also plans to acquire the remaining stake in IncNut Digital within the next four and a half years in two tranches, subject to certain financial milestones.
The company's shares were up nearly 1% in recent trade.