Kishore Biyani-led Future Consumer Ltd is all set to make a foray into the buzzing ayurveda space with the acquisition of Athena Lifesciences, sources told CNBC-TV18.

The company is in final stages to acquire Athena Lifesciences and the deal is likely to be completed over the next month, according to sources close to the development.

Athena Lifesciences houses three brands in the cosmetics and wellness space, Iraya, D'free and Hair For Sure. Ayurvedic oil, anti-dandruff serums, hair-regrowth tonics are some of the products that are sold under Athena's brands.

"The deal value is not very large. At this stage, the companies are in final stages of working out the valuation, but the deal is yet to be closed," said one of the sources cited above.

The deal will include the sale of brands as well as the distribution network, said sources. Future Consumer will look at integrating these brands with its personal care business, which includes brands like Mibelle and ThinkSkin.

The brands will be sold through the Future Group's network of stores such as Big Bazaar, Easy Day, Nilgiris and Hypercity.

According to filings from the ROC sourced via Paper.vc, Athena Lifesciences clocked revenues of 17.34 crore for the financial year ending 2017.

Future Consumer did not respond to a mail seeking comment.

Valuations in the ayurveda market have been very high owing to the changing preferences for going "natural" way. Players like Patanjali Ayurveda, HUL, Dabur, Colgate have already established their presence in the ayurveda space.

First Published:Feb 8, 2019 1:05 PM IST