GCPL raises stake in Kenya’s Style Industries to 90%
PTI, Economic Times, 09 March 2016
NEW DELHI: FMCG firm Godrej Consumer Products Limited (GCPL) has hiked its stake in DGH Phase Two Mauritius, which owns Kenya's Style Industries, to 90 per cent from 51 per cent for an undisclosed sum.
In a BSE filing, GCPL said, "The company through its subsidiary has increased its stake from 51 per cent to 90 per cent in DGH Mauritius, owning Style Industries Ltd, Kenya. The consideration is payable in cash. In view of confidentiality, the amounts are not disclosed."
The company has been acquiring brands, especially in the African continent, mostly targeting local firms in emerging markets.
It acquired a 51 per cent stake in Darling South Africa in September 2011 and Darling Mozambique in October 2011.
Darling Group Holdings operates in 14 countries across Africa, which sells hair extension products under brand names like 'Darling' and 'Amigos'.
Besides having stake in the Darling Group, GCPL had also acquired South Africa's Kinky Group in 2008 and hair colour brand Rapidol in September 2006.
Kinky offers a variety of products, including hair, hair-braids, hair pieces, wigs and wefted pieces.
The Mumbai-based firm had also acquired Nigeria's personal care brand Tura for an undisclosed sum in 2010.
Tura's product range includes soaps, moisturising lotions and skin-toning creams.
Shares of GCPL were trading at Rs 1246.05 apiece, down 0.54 per cent, from their previous close on BSE.