AVA Cholayil Health Care Pvt. Ltd. entered into a business transfer agreement to acquire The Nilgiri Dairy Farm Private Limited from Future Consumer Limited (NSEI:FCONSUMER) for approximately INR 670 million on August 29, 2023. The acquisition shall comprise of its franchisee operations, retail trade operations thereunder and the sourcing, processing, packaging and marketing of its dairy products, bakery products (except cookie plant), fast moving consumer goods, staples and other products, including the Intellectual Property of NDFPL (including all income accrued from the usage of such Intellectual Property), the Assets and Liabilities as well as the Continuing Employees, by way of slump sale on a going concern basis.

The Board of Directors of Future Consumer Limited have approved the transaction. The acquisition is subject to obtaining of all necessary consents and approvals including that of the Lenders and Shareholders of the Company in accordance with applicable laws and regulations and further achieving completion of conditions specified under business transfer agreement. As on March 31, 2023, the revenue of The Nilgiri Dairy Farm Private Limited was reported to be INR 396.573 million.

Closing shall occur upon completion of conditions precedent prescribed which shall be within 45 days from execution date and shall not exceed 90 days from execution of the BTA, being the long stop date, unless the same is mutually extended.