Emami said that it has entered into an agreement for investing Rs 1.95 crore, by way of subscription to the compulsorily convertible preference shares of Cannis Lupus Services India, its associate company.

Cannis Lupus Services India has a presence in India and is engaged in the business of services for pets and is launching medicinal, food, supplements and other complimentary products for pets. Cannis had recorded turnover of Rs 46 lakhs in the financial year 2022-23.

Presently, Emami is holding 30% equity share capital of Cannis. Post this acquisition, the company will hold 100% of CCPS of Cannis.

Offering the rationale for the acquisition, the company stated that the aforementioned investment is in line with Emamis strategy and to meet the business requirements of Cannis.

In July 2022, Emami had acquired a 30% stake in a pet-care start-up, Cannis Lupus.

Emami had reportedly said that the company will roll out a range of natural, ayurvedic and chemical free products for pets and will scale up the business by virtue of the expertise of Cannis Lupus. It further stated that Cannis Lupus, under the brand ‘Fur Ball Story’, would focus on the ayurvedic range of solutions for common and recurrent ailments in pets, especially dogs.

Emami is one of India’s leading FMCG companies engaged in manufacturing & marketing of personal care & healthcare products. With over 450 diverse products, Emamis portfolio includes trusted power brands like Navratna, BoroPlus, Fair & Handsome, Zandu Balm, Mentho Plus and Kesh King.

The FMCG goods maker has reported 8.97% increase in consolidated net profit to Rs 258.41 crore in Q3 FY24 from Rs 237.13 crore in Q3 FY23. Net sales rose 1.38% to Rs 983.7 crore in the third quarter of FY24 from Rs 975.1 crore recorded in the same period last year.

The scrip slipped 1.05% to currently trade at Rs 461.95 on the BSE.

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First Published: Feb 29 2024 | 12:18 PM IST

By fersz