Emami said it has entered into an agreement for investment of Rs 1.95 crore, by way of subscribing to compulsorily convertible preference shares of Cannis Lupus Services India, its affiliated company.
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Cannis Lupus Services India has a presence in India and is engaged in the business of services for pets and launches medicines, food, supplements and other complementary products for pets. Cannis recorded a turnover of Rs 46 lakhs in the financial year 2022-23. Currently, Emami holds 30% equity share capital of Cannis. After this acquisition, the company holds 100% of Cannis’ CCPS. Offering a justification for the acquisition, the company said that the aforementioned “investment is in line with Emami’s strategy and to meet the business requirements of Cannis.”
In July 2022, Emami acquired a 30% stake in a pet care start-up, Cannis Lupus.
Emami has reportedly said that the company will launch a range of natural, ayurvedic and chemical free products for pets and grow the business on the strength of Cannis Lupus expertise. It further said that Cannis Lupus, under the ‘Fur Ball Story’ brand, will focus on ayurvedic range of solutions for common and recurring ailments in pets, especially dogs.
Emami is one of the leading FMCG companies in India engaged in manufacturing and marketing of personal care and healthcare products. With over 450 different products, Emami’s portfolio includes trusted power brands like Navratna, BoroPlus, Fair & Handsome, Zandu Balm, Mentho Plus and Kesh King.
The FMCG goods maker reported an 8.97% rise in consolidated net profit at Rs 258.41 crore in Q3 FY24 from Rs 237.13 crore in Q3 FY23. Net sales increased by 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.
