Zydus Wellness completes acquisition of Heinz India
Deepthi | Myequity news | Date : 30-01-2019 19:15:00 IST
Zydus Wellness Ltd. ("ZWL") one of the reputed players in the fast growing consumer health care market along with its wholly-owned entity (Zydus Wellness—Sikkim, a partnership firm) has successfully Completed the acquisition of Heinz India Private Limited ("Heinz India"), the subsidiary of Kraft Heinz.
Speaking on the development, Dr. Sharvil Patel, Chairman, Zydus Wellness Ltd., said, "The closing of this transaction represents a new and exciting chapter for Zydus Wellness as we continue our journey of transformation into a leading player in the wellness domain. We are delighted to welcome Heinz India into our fold and are ready to script a bright future ahead. Together we look forward to leveraging the strengths of the legacy brands and our capabilities to merge science and innovation and drive value for our consumers and our stakeholders."
The acquisition was previously announced on 24th October 2018 when the company had entered into a definitive agreement to acquire Heinz India's business comprising the brands Complan, GluconD, Nycil and Sampriti Ghee, two large manufacturing facilities in Aligarh and Sitarganj and teams devoted to operations, research, sales, marketing and support. Heinz India also has a strong distribution network of over 800 distributors and more than 20,000 wholesalers covering 29 states. The company also announced that the Board of Directors at their meeting held today passed a resolution approving the appointment of Mr. Ashish Bhargava as a Nominee Director of Threpsi Care LLP,representing private-equity fund, True North.