Future Ventures India (FVIL) has made an investment in Star and Sitara Wellness (SSWPL), by acquisition of 100% equity share capital of SSWPL, for an aggregate sum of Rs 1.00 lakh. FVIL has further undertaken to make an additional investment in SSWPL, wholly owned subsidiary of FVIL, by subscribing to further issue of equity shares amounting to Rs 17.99 crore, taking total investment amount to Rs 18.00 crore.
SSWPL has acquired an ongoing business of operating salon and wellness centres (the Business) from an entity forming part of the Group companies of FVIL. The Business presently is operated through more than 30 centres across the country. The Business acquired by SSWPL comprises of assets and liabilities required to operate there under, including the trade name and mark ‘Star & Sitara’ associated with it.
The estimated revenue from the Business for the current fiscal is Rs 19.00 crore. SSWPL being a wholly owned subsidiary of FVIL, the operational performance of the Business will form part of the consolidated financials of FVIL.
