NEW DELHI: ITC has announced that it has entered into an agreement with Johnson & Johnson to acquire its brands, 'Savlon' and 'Shower To Shower', in India.
The agreement also marks the fact that it will be ITC's first acquisition in personal care segment.
'ITC Ltd has informed BSE that the Company has entered into Asset Purchase Agreements (Agreements) with M/s. Johnson & Johnson Ltd., India & M/s. Johnson & Johnson Pte. Ltd., Singapore on February 12, 2015 for purchase of ‘Savlon’ and ‘Shower To Shower’ trademarks and other intellectual property, respectively, primarily for use in India,' the company said in its filing.
These agreements are subject to customary closing conditions and regulatory permissions as may be necessary, it added.
Earlier in 2014, a media report suggests that Johnson & Johnson was already looking to sell its to brands in India for over Rs 300 crore.
In the first three quarters of the running fiscal year, other consumer goods contributed 21% of ITC’s total revenue.