Pradip Burman, chairman of The Mobius Foundation and senior member of the industrialist group Dabur, has divested nutraceutical firm Sanat Products to the India subsidiary of German company Dr Willmar Schwabe GmbH for an undisclosed amount.
Burman confirmed the development to ET but declined to divulge financials of the deal. “This is a private transaction between the entities. Proceeds of the sale will be used to support Mobius Foundation,” he said.
The Mobius Foundation, a non-profit organisation, is focused in the space of education, sustainability and environment protection. The over three-decades-old Sanat Products makes nutraceuticals and ayurveda herbal health supplements for both the domestic market and exports under the Sunova franchise with brands such as Bioslim, Spirulina, Curcumin and Turmix.
REC Ltd, holding company of Sanat Products, has sold off its entire stake to Willmar Schwabe, which makes a wide range of products for natural neutraceuticals and herbal extracts.
The development comes at a time when ayurveda-based products are seeing exponential growth as immunity boosters. Industry estimates peg the category at Rs 3,500 crore. On Wednesday, Dabur India said its immunity boosting chyawanprash saw growth of 400% while honey saw 80% increase in sales since the outbreak of the COVID-19, even as its overall net profit declined 24% year-on-year, severely hit by the nationwide lockdown which crippled supply chains and brought businesses to a standstill.
As reported by ET last week, Burman had sold his property in south Delhi’s Shanti Niketan area for about Rs 75 crore, making it one of the most expensive real estate deals in the city in recent times.
Source: Economic Times