Mumbai: Personal care products maker Godrej Consumer Products Ltd has acquired 51% in African hair care firm Darling Group Holdings, it said in a statement on Wednesday.
The Darling Group, which makes hair extension products under the brands ‘Darling’ and ‘Amigos’, operates in 14 countries across sub-Saharan Africa.
Godrej Consumer did not disclose the cost of the acquisition but said the acquisition will be EPS accretive from the first year.
The Indian personal care company, which wants to scale up its presence in the hair care space in Africa, already has a presence in the African market through its brand Inecto.
Godrej also said the acquisition will be a platform for its personal and home care products in Africa.
In the past four years, the company has three made acquisitions in Africa in the personal and haircare space.
Shares of Godrej Consumer were up 1.17% at Rs424.55 in a firm Mumbai market.