Emami's subsidiary invests Rs 38 million in US personal care firm

FMCG major Emami's subsidiary has invested Rs 38 million in the US-based organic personal care firm Loli Beauty Inc.

"Emami International FZE, a wholly owned subsidiary of the company based at Dubai, has made an investment in Loli Beauty Inc., Delaware USA, by subscribing to 12,28,261 series seed prime preferred stock (SSPPS) which will result in stake of 7.54 per cent in the company," Emami said in a regulatory filing.

Emami said an investment agreement with the investee company and its existing shareholders has been executed.

Cost of acquisition is Rs 38 million it added.

Loli Beauty INC deals in natural and organic personal care product with BIY (Blend-It- Yourself) concept.