Fabindia has acquired a 40% stake in Organic India, a Lucknow-based organic food and supplements firm founded in 1997. Organic India is promoted by Isreali-citizen Yoav Lev and his wife Bhavani. Organic India make herbal supplements, medicines, spices, edible oils and other food products from tulsi, fruits and vegetables, spices and herbs which it sources from farmers in Uttar Pradesh, Andhra Pradesh and Rajasthan. It has offices in the US, Australia and Israel.
Fabindia, which runs a chain of 170 stores nationwide selling traditional Indian ethnic fabrics and handicrafts, will become a significant minority shareholder in Organic India by merging its own organic division into it. The New Delhi-based ethnic products retailer will also pump Rs.15 crore into Organic India as part of the deal.
Source: Economic Times
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