New Delhi: Godrej Consumer Products on Tuesday said it has completed the acquisition of a 51% stake in African hair care company Darling Group Holdings.
The company made the announcement in a filing to the Bombay Stock Exchange (BSE).
Darling Group Holdings operates in 14 countries across Africa, selling hair extension products under brand names like ‘Darling´ and ‘Amigos´.
In June this year, Godrej Consumer Products Ltd (GCPL) had announced the acquisition of a 51% stake in Darling Group Holdings for an undisclosed amount.
The company had said the acquisition will help scale up its operations in the region and will strengthen its position in the hair care market.
“The Darling Group enables us to take our presence in Africa to the next level... We believe that the strong share positions that the group brands enjoy will further accelerate our trajectory of sustainable profitable growth in the region,” GCPL chairman Adi Godrej had said.
Shares of GCPL were trading at Rs 425 on the BSE, up 0.13% from their previous close.