Marico Limited has entered into a definitive agreement to acquire the remaining 46.02 per cent stake in HW Wellness Solutions Private Limited, the company that owns the digital-first health food brand ‘True Elements’. The development was disclosed by the company in a regulatory filing to the BSE and NSE on Thursday.
According to the filing, Marico will acquire the residual stake from the founders and other shareholders for a total cash consideration of up to Rs 138 crore. The acquisition is expected to be completed on or before September 30, 2025, subject to fulfilment of the terms and conditions under the agreement.
By making this change, HW Wellness will become a wholly owned subsidiary of Marico, increasing its stake from the current 53.98 percent to 100 percent. In May 2022, Marico made its first investment in HW Wellness, progressively expanding its footprint in the nutritious breakfast and snacking markets. The whole acquisition, according to the corporation, is in line with its plan to diversify into high-growth consumer areas and bolster its digital-first portfolio.
“This investment has enabled Marico to accelerate its digital transformation journey while adding a differentiated proposition in its food portfolio,” the company stated in the filing.
‘True Elements’, a prominent digital-first brand in the packaged foods sector, is owned by HW Wellness, a company founded in 2013 with its headquarters located in Pune. The business, which specialises in healthy breakfast and snacks, has grown significantly in the last several years.
Its revenue grew from Rs 57.40 crore in FY23 to Rs 76.42 crore in FY24, and nearly doubled again to Rs 164.38 crore in FY25, according to figures disclosed in the filing.
The company clarified that no additional government or regulatory approvals are required for this transaction. The deal, classified as a related-party transaction owing to the founders’ stake, has been executed on an arm’s length basis.
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