HUL has entered into an agreement with Mosons Group to acquire the hair-care brands for Rs 330 crore, including intellectual property, design and knowhow.
The company will also pay "deferred consideration of 10% on the domestic turnover of the brands each year" for five years starting FY18.
Indulekha, launched in 2009, is a popular ayurveda hair oil brand in Kerala, Tamil Nadu and Karnataka and had sales of Rs 100 crore in the year ended March.
"The acquisition of Indulekha brings to HUL a premium brand with strong credentials around ayurveda that will complement our existing portfolio and strengthen our presence in the hair care category," said Sanjiv Mehta, CEO and managing director of HUL.
The acquisitions will help HUL overcome its Ayush brand, which was launched in 2001 but did not gain anything.
Reportedly, hair oil accounts for 52% of the