Future Group is seeking to acquire personal care products brand Iraya hair from Athena Life Sciences.

With the deal, Future Group aims to benefit from the growing ayurvedic personal care market in India, which is currently dominated by Baba Ramdev’s Patanjali Ayurved.

If materialised, the acquisition would represent Future Group’s first venture into this sector, reported The Economic Times.

“We are in talks for acquisitions in the ayurvedic beauty space.”

Athena Life Sciences is a cosmeceutical and therapeutic beauty treatment company based in India. It currently develops and markets various brands, including hair regrowth treatment Hair for Sure and anti-dandruff lotion D’Free.

Future Group founder and CEO Kishore Biyani was quoted by the Financial Daily as saying: “We are in talks for acquisitions in the ayurvedic beauty space. Valuations might be a little high now, but we are exploring opportunities.

“The company is inspired by the rapid growth of Patanjali and wants to become as big as the herbal products major in the fast-moving consumer goods (FMCG) space.”

According to a study, the value of ‘natural’ products segment is estimated to be nearly $2.8bn, making up almost 40% of the total personal care market. Companies such as Hindustan Unilever, P&G, Colgate Palmolive and Dabur have their own ayurvedic products.