Desai & Diwanji advised Delhi-based Ozone Ayurvedics and its parent Ozone UK in selling off India’s second largest skin-care brand “Nomarks” to Bajaj Corp, which was advised by Khaitan & Co, for Rs 150 crore ($22.7m) according to the Economic Times.
Desai & Diwanji Mumbai partner Vihang Virkar and Delhi partner Joebin Devassy with associates Ayesha Rai, Amanjot Malhi and Prakriti Jaiswal acted for Ozone Ayurvedics and Ozone UK.
Khaitan & Co Mumbai partner Anand Mehta, senior associate Supratim Chakraborty and associate Sara Khan acted for Bajaj Corp.
This acquisition marks Bajaj Corp’s entry in the Rs 8,500 crore skin-care industry in India, which grew 12 per cent in 2013, according to the ET.
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