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ITC Ltd said it has signed a Share Purchase Agreement to acquire 100% of the share capital of Sresta Natural Bioproducts Private Ltd (SNBPL), an Indian company primarily engaged in the business of manufacture and sale of organic packaged food products under the \u201824 Mantra Organic\u2019 brand\u00a0for \u20b9472 crore.\u00a0<\/p>\n

SNBPL is into domestic organic foods space providing fully integrated \u2018Farm to Fork\u2019 traceability and is in the organic packaged staples category in India.<\/p>\n

Its portfolio comprises over 100 organic products spanning branded grocery staples, spices and condiments, edible oils and beverages.<\/p>\n

It has international presence and has connect with the Indian diaspora.\u00a0<\/p>\n

It has a network of about 27,500 farmers spread across 1.4 lakh acres of certified organic land in 10 states, ITC said.<\/p>\n

\u201cThe strong network of farmers and certified organic sourcing capability are key sources of competitive advantage for the company,\u201d it added.\u00a0<\/p>\n

This investment is in line with the \u2018ITC Next\u2019 strategy of the company.<\/p>\n

Hemant Malik, Wholetime Director, ITC Ltd said, \u201cAligning with national priorities, we are confident that 24 Mantra Organic will fortify ITC\u2019s presence and market standing in the high growth organic products space, in both Indian and overseas markets\u201d.<\/p>\n

ITC Ltd has also announced that it has signed definitive agreements to acquire the balance 73.5% stake in Mother Sparsh Baby Care Private Ltd (Mother Sparsh) an associate company, operating in the premium ayurvedic and natural baby care space.\u00a0<\/p>\n

Mother Sparsh will augment the innovative range of ITC\u2019s Personal Care Products Business, it said\u00a0<\/p>\n