Dairy company Heritage Foods Ltd said on Monday it has acquired a 51% stake in Peanutbutter and Jelly Pvt Ltd, which owns health-focused ice cream brand Get-A-Way, for ₹ 9 crore.

The acquisition is expected to be completed within 45 days from the date of board approval, subject to the fulfilment of conditions under the share purchase agreement, Heritage Foods said in a regulatory filing. No governmental or regulatory approvals are required.

Heritage Foods will enter into a share purchase agreement with Sky Gate Hospitality Pvt Ltd, which currently holds the 51% stake being acquired, and execute a definitive agreement with Peanutbutter and Jelly and its promoters.

The remaining 49% will be held by the existing promoters of the target company, who will continue to manage operations.

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