Emami subsidiary invests $5.65 lakh in US FMCG

Kolkata, June 22 (IANS) Emami Ltd on Friday said its Dubai-based wholly owned subsidiary has invested $5.65 lakh in acquiring 7.54 per cent stake in US-based fast moving consumer goods (FMCG) company 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, US by subscribing to 12,28,261 Series Seed Prime Preferred Stock (SSPPS) which will result in stake of 7.54 per cent in the investee company," it said in a regulatory filing.

The investment agreement with the investee company and its existing shareholders has been executed, it said.

The US-based company deals in natural and organic personal care product with BIY (Blend-lt-Yourself) concept.

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