Godrej eyes buying out Africa’s Darling GroupDecember 1st, 2011 - 8:49 pm ICT by IANS
Kolkata, Dec 1 (IANS) Godrej Consumer Products Ltd (GCPL), which recently acquired 51 percent stake in African haircare company Darling Group Holdings, Thursday said it would like to buy out the firm within three to five years to increase its presence in the continent’s fast growing personal care market.
“We would like to acquire 100 percent stake in Darling within three to five years,” GCPL executive vice-president P. Ganesh told reporters here.
GCPL had announced the acquisition of a 51 percent stake in Darling Group Holdings for an undisclosed amount in June this year.
Darling Group, which operates in 14 countries in Africa, sells hair extension products under brand names like Darling and Amigos.
Godrej has been looking to increase its presence in the personal care products business such as hair colour, household insecticides and soaps in three continents — Asia, Africa and Latin America.
The company has concluded four overseas acquisitions, including South American haircare companies Issue Group and Argencos SA, last year.
“Now, about 25 percent of our total overseas turnover comes form African business. We are eyeing to get about one-third of our total overseas turnover from the continent in two years,” Ganesh added.
“Before acquiring Darling, we were present only in two countries (in Africa) -South Africa and Nigeria. Now the 14 country presence of Darling will help us,” GCPL managing director A. Mahendran said.
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