 "Zydus Wellness' Heinz India and Zydus Nutrition merge post NCLT approval")
Consumer healthcare firm Zydus Wellness Friday said the National Company Law Tribunal (NCLT) has approved scheme of amalgamation between two subsidiaries -- Heinz India Pvt Ltd with Zydus Nutritions Ltd -- post which, Heinz India has ceased to be in existence.
In January this year, Zydus Wellness announced it has completed its Rs 4,595-crore acquisition of Heinz India's consumer wellness business, which includes popular brands Complan and Glucon D.
"National Company Law Tribunal Bench at Ahmedabad has passed an order dated May 10, 2019, approving the scheme of amalgamation between two subsidiaries, Heinz India Pvt Ltd with Zydus Nutritions Ltd (ZNL). Upon amalgamation, Heinz has ceased to be in existence and also to be the subsidiary of the company," Zydus Wellness said in a regulatory filing Friday.
"The effective date of the scheme is May 24, 2019," the company added.
The acquisition was announced on October 24 last year when the company had entered into a definitive agreement to acquire Heinz India's business comprising Complan, Glucon D, Nycil and Sampriti Ghee brands along with its two large manufacturing facilities.
Heinz India, a subsidiary of the US-based Kraft Heinz, had a distribution network of over 800 and over 20,000 wholesalers covering 29 states.
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With brands such as Sugar Free, EverYuth and Nutralite, Zydus Wellness have a strong brand equity in the food, nutrition and skin care markets, the company said.
Cadila Healthcare holds a majority stake in Zydus Wellness.