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Marico buys stake in Vietnam firm

Marico buys stake in Vietnam firm
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First Published: Sat, Feb 19 2011. 12 28 AM IST
Updated: Sat, Feb 19 2011. 12 28 AM IST
Mumbai: Consumer goods company Marico Ltd has bought 85% of Vietnam-based International Consumer Products (ICP) from private equity firms Mekong Capital and BAN InVest and shareholders for an undisclosed sum.
ICP’s X-Men brand has a 35% share in the Rs300 crore men’s shampoo market and at least a 25% share in the men’s deodorant and shower gels market in Vietnam, the maker of Parachute hair oil and Saffola cooking oil said in a statement on Friday .
The purchase is the latest in a string of acquisitions for Marico. In January, it bought Malaysian hairstyling brand Code 10.
“We are looking to grow organically and inorganically in Asia and Africa,” said Vijay Subramaniam, chief executive of the international business group at Marico. “The acquisition strengthens our participation in the male grooming business.”
International operations account for 23% of Marico’s overall revenue, and the ICP buy will boost the contribution by 13-15%, said Subramaniam.
Phan Quoc Cong, founder of ICP, will remain on the company’s board with a 15% stake and will continue as the company’s CEO for three years.
Marico’s shares rose 0.4% to Rs125 at the close of trading on the Bombay Stock Exchange on Friday, while the benchmark Sensex index lost 1.6%.
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First Published: Sat, Feb 19 2011. 12 28 AM IST
More Topics: Marico | Personal care | Vietnam | Stake sale | ICP |