Lotus Chocolate Company will get its third promoter entity in the three decades of operations. The company will now be acquired by Reliance Consumer Products Ltd. (RCPL), who will first purchase a 51 percent stake for Rs 74 crore and then launch an open offer to acquire an additional 26 percent stake.

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Commencing operations in 1992, Lotus is known for its chocolates, cocoa products and cocoa derivatives. Lotus has a fully integrated manufacturing facility 55 kilometers away from Hyderabad.

Initially, T Sharda and N Vijayaraghavan were the promoters of he company. In 2008, the Puzzolana Group under the leadership of Prakash and Anantha Pai took over the company has its promoters, making Lotus an Indian owned entity.

The company is known for various brands like Chuckles, On and On, Superr Carr and Tango. South and Central India are its key target markets.

In financial year 2022, the company registered record annual sales at close to Rs 87 crore, which was nearly double its financial year 2021 topline of Rs 47.87 crore. The full-year net profit of Rs 6 crore was triple the financial year 2021 profit of Rs 1.8 crore.

Lotus Chocolate has been a public company for more than two decades. Last year, the stock jumped nearly 500 percent, with prices going up from Rs 19 at the start of 2021 to end at more than Rs 100. The stock has been flat this year but has now had two successive days of upper circuits of 5 percent ahead and post the announcement.