GCPL buys two hair care firms in Zambia, Senegal

PTI, The Economic Times, 02 August 2016

GCPL today said it has acquired two newly set up hair care firms in Zambia and Senegal to ramp up presence in African market.

GCPL, through its Africa-based step down subsidiary Darling Group has acquired 100 per cent shares in Hair Credentials Zambia and 51 per cent in Weave Senegal.

"The target companies will now start their operations in the respective geographies," GCPL informed BSE.

It has acquired "100 per cent consideration in Zambia and 51 per cent in the entity in Senegal," GCPL said.

The company further informed that it has paid "nil consideration" for acquisition as "the target entities are newly formed and will be capitalised as required for their operation from time to time".

Both the companies will start their hair extension and hair care business in their respective countries, GCPL said.

Earlier on April 1, GCPL had announced to acquire US-based Strength of Nature LLC, a leading company of hair care products for women of African descent.