Mumbai: Fast-moving consumer goods firm Marico has agreed to acquire a 93.27% stake in Zea Maize, which owns snacking brand 4700BC, from PVR Inox for up to ₹226.83 crore, the companies said on Monday.
4700BC founder Chirag Gupta, who owned about a 7% stake as of March 2025, will retain his holding and continue to lead the business. It offers products such as popcorn, popped chips, makhana, crunchy corn and nachos.
Marico sees strong potential in 4700BC as a premium snacking brand with deep consumer connect and proven execution, managing director and chief executive Saugata Gupta said. "Together, we will tap the opportunity to leverage our existing scale in foods to broaden the brand's presence across channels," he said.
PVR Inox MD Ajay Bijli said the deal enables the company to monetise a non-core asset.
PVR Inox's main business is film exhibition. Its chief financial officer Gaurav Sharma said the company had invested about ₹94.6 crore as equity in the subsidiary over time and that the deal translates into an internal rate of return of about 24.5%.
Zea Maize reported net loss of ₹16 crore in fiscal 2025, compared with ₹7 crore a year earlier. Total income rose to ₹102 crore from ₹76 crore.
Marico, ITC and market leader Hindustan Unilever have been investing in niche and direct-to-consumer brands that gained traction during the Covid-19 pandemic when online shopping surged. Marico has invested in Beardo, healthy snacks startup True Elements, and personal care brands Just Herbs and Plix.
4700BC founder Chirag Gupta, who owned about a 7% stake as of March 2025, will retain his holding and continue to lead the business. It offers products such as popcorn, popped chips, makhana, crunchy corn and nachos.
Marico sees strong potential in 4700BC as a premium snacking brand with deep consumer connect and proven execution, managing director and chief executive Saugata Gupta said. "Together, we will tap the opportunity to leverage our existing scale in foods to broaden the brand's presence across channels," he said.
PVR Inox MD Ajay Bijli said the deal enables the company to monetise a non-core asset.
PVR Inox's main business is film exhibition. Its chief financial officer Gaurav Sharma said the company had invested about ₹94.6 crore as equity in the subsidiary over time and that the deal translates into an internal rate of return of about 24.5%.
Zea Maize reported net loss of ₹16 crore in fiscal 2025, compared with ₹7 crore a year earlier. Total income rose to ₹102 crore from ₹76 crore.
Marico, ITC and market leader Hindustan Unilever have been investing in niche and direct-to-consumer brands that gained traction during the Covid-19 pandemic when online shopping surged. Marico has invested in Beardo, healthy snacks startup True Elements, and personal care brands Just Herbs and Plix.
