India, June 23 -- Continuing its acquisition spree, Mamaearth parent Honasa Consumer's board has approved a majority stake acquisition in nutraceuticals company Fluence Pharma, marking its entry into the fast-growing nutrition and supplements space.

It will acquire 58% stake in the company worth Rs.135 Cr from its existing shareholders. The secondary transaction is expected to fructify within eight weeks.

Further, the company plans on buying out the remainder 42% equity stake via secondary transactions in two tranches over the next 5-7 years, in accordance with share purchase agreement and shareholders' agreement.

Founded in 2012 by Amit Bhusari and Dr Rajendra Singh Rajput, Fluence Pharma manufactures and sells skin and hair health su...