ANNEXURE II

PRESS RELEASE

Marks entry into Rs 25,000 cr+ Spices & Seasoning category

New Delhi, 26 October, 2022: Dabur India Limited ("Dabur", Scrip Symbol: NSE- DABUR, BSE Scrip Code: 500096) today announced that it has signed definitive transaction agreements to acquire 51% shareholding of Badshah Masala Private Limited ("Badshah", www.badshahmasala.com), which is engaged in the business of manufacturing, marketing and export of ground spices, blended spices and seasonings. This acquisition is in line with Dabur's strategic intent to expand its Foods business to Rs 500 Crore in 3 years and expand into new adjacent categories. This also marks Dabur's entry into the over Rs 25,000 crore branded spices and seasoning market in India.

Dabur is acquiring 51% stake in Badshah for Rs 587.52 crore, less proportionate debt as on the closing date, with the Badshah enterprise being valued at Rs 1,152 crore. This translates to a Revenue multiple of around 4.5x and EBIDTA multiple of around 19.6x of FY2022-23 Estimated financials.

Announcing the acquisition, Dabur India Ltd Chairman Mr. Mohit Burman said: "The Indian spices and seasoning category is a large and attractive market. Badshah Masala is one of the key players in this space. Our investment in Badshah Masala will help expand this business and continue to provide unmatched quality products. This acquisition will accelerate our growth strategy as we continue to build our Foods business. We intend to leverage our international market presence to grow this business globally."

"The transaction is expected to be Cash EPS neutral in the first year and accretive thereafter. The acquisition is expected to be completed within this fiscal. As per our agreement, we will acquire the balance 49% shareholding after 5 years," Dabur India Ltd Group Director Mr. P. D. Narang said.

Dabur India Ltd Chief Executive Officer Mr. Mohit Malhotra said:"Branded Spices market in India is growing at healthy double digits, led by increasing consumption, upgradation from unbranded to branded and growing preference for regional flavours across states. The market is dominated by regional players and holds significant potential for growth in the future. Dabur has an existing Foods portfolio and views ground and blended spices as a good addition to this portfolio. Badshah portfolio will gain from Dabur's extensive distribution reach. We look forward to unlocking further synergies and market opportunities to capture the full potential of Badshah Masala."

Badshah Masala Private Limited Managing Director Mr. Hemant Jhaveri said:"We are delighted to enter into a strategic partnership with Dabur. Dabur stands for Trust and Heritage and joining hands with Dabur will help drive the future growth potential of Badshah on a stronger trajectory. Our companies are a great fit. This transaction will enable us to accelerate our growth by adding our products to Dabur's broad portfolio to meet the needs of consumers across geographies."

Mr. Ajay Shah, Advisor to Badshah Masala Private Limited, said: "This strategic investment of Dabur brings together two strong Indian brands. This deal is growth oriented, mutually complementary, value accretive and beneficial for both the companies."

About Dabur India Ltd

Dabur India Limited is one of India's leading FMCG Companies. Building on a legacy of quality and experience for 138 years, Dabur is today India's most trusted name and one of the world's largest Ayurvedic and Natural Health Care Company. Dabur India's FMCG portfolio today includes nine distinct Power Brands: Dabur Chyawanprash, Dabur Honey, Dabur Honitus, Dabur PudinHara and Dabur Lal Tail in the Healthcare space; Dabur Amla, Dabur Red Paste and Vatika in the Personal Care category; and Real in the Food & beverages space. During FY 2021-22, Dabur recorded consolidated Revenue from operations of Rs 10,889 crore and consolidated Profit after Tax of Rs 1,742 crore.

For more information on Dabur, please visit: www.dabur.com

About Badshah Masala Private Limited

Badshah Masala was founded by Jawaharlal Jhaveri and Indiraben Jhaveri in the year 1958. Later on his brother Ramanlal Jhaveri joined. The business was subsequently managed by Jhaveri family as a partnership firm till January 2021, then it got converted into private limited company named Badshah Masala Private Limited and was headed by Managing Director Mr. Hemant Jhaveri. The company has 52 products available in India and overseas markets. Blended spices form 82% of the revenue. It has 2 manufacturing facilities located in Umargam, Gujarat.

For more information on Badshah Masala, please visit: www.badshahmasala.com

For further information, Contact:

Byas Anand

Head-Corporate Communications

Dabur India Ltd

+91-9811994902

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Dabur India Limited published this content on 26 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2022 10:47:03 UTC.