Godrej scouting for acquisition in Middle East, Africa

Godrej scouting for acquisition in Middle East, Africa
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First Published: Sun, Feb 25 2007. 03 50 PM IST
Updated: Sun, Feb 25 2007. 03 50 PM IST
PTI
MUMBAI: Godrej Consumers Products Ltd (GCPL) is looking to acquire companies in the Middle East, Egypt and Africa to expand its hair colour business and hopes to finalise a deal in this calendar year.
“Our strength is in the colour business and we are looking at markets in the Middle East, Egypt and Africa for our global growth and will look at inorganic growth to enter these markets,” said GCPL executive director and president H. K. Press.
“We are always looking out for good opportunities,” he said, refusing to give further details.
GCPL recently invested Rs120 crore to set up two new facilities, one in Himachal Pradesh for soap manufacturing and anonther in Sikkim for hair-colour and capacity expansion of its Malanpur facility in Madhya Pradesh.
The new 45,000-tonne Himachal Pradesh facility became operational since January 2007 and the one in Sikkim was expected to follow in June this year, said Press.
Currently the company has facilities in Assam, Silvassa and Baddi in Himachal Pradesh.
GCPL expects this fourth quarter to be better than its previous quarter ended December 2006 as the full effect of price hike in the last quarter will be fully reflected only during January-March.
Also, if oil prices continues to go northwards then the company may look at a price hike in the first quarter (April-June) of the next financial year.
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First Published: Sun, Feb 25 2007. 03 50 PM IST
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