Paras owns some of the leading Indian over-the-counter brands, including:
- Moov, the No 2 topical analgesic pain ointment
- D'Cold, the No 2 cold and flu remedy
- Dermicool, the No 2 for prickly heat
- Krack, the No 1 medicated skin treatment for cracked heels
- Itch Guard and Ring Guard anti fungal creams
Paras also owns personal care brands, including Set Wet, a hair gel and deodorant brand.
Bart Becht, chief executive of Reckitt Benckiser, said: "The acquisition of Paras is another step forward in RB's growth strategy in consumer health care. It creates a material health care business in India, one of the most promising health care markets in the world, with the addition of a number of strong and leading brands."
"We believe the Paras business has not only extremely good growth potential, when supported by RB's investment and innovation strength, we also expect to realize material synergies as a result of the integration of Paras into Reckitt Benckiser.
"The growth potential of the business, the creation of a material health care business in India's large and growing health care market, and the global synergies available, make Paras an exciting addition to our portfolio and attractive opportunity for our shareholders," he said.
The company employs 700 people at Baddi in northern India.
Reckitt last month awarded its executive directors bonuses in shares and share options worth millions.