Textile major RaymondBSE 6.25 % has acquired remaining 50 per cent stake in joint venture JK Ansell in an effort to scale up its consumer products business and take its key brand KamaSutra globally.
As part of the deal, Raymond through JK Investo TradeBSE 0.42 % will buy out the sexual wellness business for about Rs 19.3 crore and sell the gloves business to its partner, Pacific Dunlop Holdings, an Ansell Group company for RS 11.3 crore.
“Scaling up and creating a strong FMCG business is an important driver of value creation for the group. This acquisition of Ansell’s 50 per cent stake gives us the full ownership of brand KamaSutra that strengthens our FMCG portfolio and is a step towards value creation,” Gautam Hari Singhania, Chairman at Raymond Limited said in a statement.