Indian personal care brand Lotus Herbals is said to be identifying potential personal care brands to acquire, according to a report published by The Economic Times.

“We are open to mid-sized acquisitions now and are approaching investment bankers,” Nitin Passi, joint Managing Director told The Economic Times. “We’ve just started the process and have an inorganic strategic plan for mid-sized acquisitions, which could be in India or overseas, as long as it contributes tangible value to our business.”

The company is considering the sale of a minority stake – 10 to 15 percent – in the brand in order to fund its shopping spree.