New Delhi, June 1 (IANS) FMCG major Godrej Consumer Products Ltd (GCPL) Wednesday said it has acquired a 51 percent stake in African hair care product company — Darling Group Holdings.
Darling Group Holdings operates in 14 countries across sub-Saharan Africa and is a market leader in hair extension products in the continent. Hair extension products are among the largest hair care categories in Africa.
‘The Darling Group enables us to take our presence in Africa to the next level. Our aspiration is to touch the lives of at least 100 million consumers across Africa in the next 5 years through superior quality innovative products at affordable prices,’ said Adi Godrej, chairman of GCPL.
The group has acquired three companies in Africa over the past four years, all of which, the chairman said were performing well. The firms are South African hair care brand Kinky and the hair colour business in South Africa of UK-based Rapidol.
It also bought Nigerian personal care company Tura.
‘The timing is opportune for us to scale up our presence in the region. More than ever, we are convinced about the tremendous potential that Africa offers,’ said Godrej.
‘Over 500 million Indians use at least one Godrej product on a daily basis, we would like to build a similar kind of relationship with the African consumer. Our aspiration is to touch the lives of at least 100 million consumers across Africa in the next 5 years through superior quality innovative products at affordable prices,’ he added.
Africa is a key part of the group’s strategy of establishing a major presence in emerging markets in Asia, Africa and Latin America through three core categories – hair care, home care and personal wash.
Over the past four years, the company has made three acquisition in the region. The company believes that the strong share positions of the Darling Group brands will further accelerate their trajectory of sustainable profitable growth in the region.
GCPL also acquired Megasari Group, a leading household care company in Indonesia and Issue Group and Argencos, two leading hair colorant companies in Argentina.
At the Bombay Stock Exchange, the shares of the company closed 0.6 percent up at Rs.420.
