The UK-based PE player is selling its shareholding to Addlife Investments, a company promoted by Patel, the current chairman of Sterling, Actis said in a statement.
FMCG major Marico on Friday said it has completed the acquisition of Halite Personal Care India, the demerged personal care business of Paras Pharma from Reckitt Benckiser.
Saugata Gupta, chief executive of Marico's consumer products division, tells CNBC-TV18 that the acquisition of Paras Pharma personal care business will provide significant synergies and drive future growth of the company.
Advertising Standards Council of India (ASCI)has rapped the FMCG majors Hindustan Unilever and Paras Pharma for their objectionable deodorant commercials, and asked them to pull them off air.
Life has become even more hectic for the promoter of Ahmedabad-based Paras Pharma, Girish Patel, following the recent acquisition of the company by Reckitt Benckiser, a medium-sized British consumer-goods firm with a strong portfolio of products like Dettol and Harpic.
Emami' s Director tells Forbes india that losing the bid for Paras Pharma is not a setback.