Pradip Burman, the grandson of FMCG major Dabur founder S K Burman, has sold his nutraceutical business Sanat Products Ltd to the India subsidiary of German company Dr Willmar Schwabe GmbH.
The proceeds of the sale will be used to support his non-profit organisation Mobius Foundation of which Pradip Burman is chairman, said a company statement. It did not disclose the deal value.
Pradip Burman and other members of the Burman family held the stake in Sanat via Ratna Commercial Enterprises (P) Ltd, a non-banking finance (NBFC) and investment company.
Mobius Foundation focuses on environmental education and population stabilisation.
New Delhi-based Sanat Products, which was established in 1984, is engaged in the manufacturing and marketing of pharmaceutical, nutraceuticals, cosmeceuticals and herbal extracts. Its products include Sunova Bioslim, Sunova Spirulina, Sunova Dr. Shugar, Sunova Curcumin, Uplat, and Turmix.
Sanat Products had recorded net sales of Rs 63 crore in the fiscal ended 31 March 2019 as compared with Rs 51.7 crore in the previous financial year, according to VCCEdge, the research arm of Mosaic Digital.
Its earnings before interest, taxes, depreciation and amortization (EBITDA) had expanded to Rs 4.54 crore during the period from Rs 1.66 crore.
Dr Willmar Schwabe started operations in India in 1997 when it had opened its first factory in Noida.