New Delhi: Unsatiated by a series of acquisitions in the recent past, Godrej Group chairman Adi Godrej on Wednesday said his firm is looking for further buyouts in the developing countries to expand operations.
“We are looking for further acquisition. We will announce them as and when (it happens),” Godrej told reporters here.
Last week, Godrej Group’s FMCG company Godrej Consumer Products (GCPL) bought one of the leading African personal care brands, Tura from Nigeria’s Tura Group for an undisclosed sum.
The firm said the buyout would serve as a platform for it to enter Nigeria and other West African markets. It was the third acquisition by GCPL in the past two years, after Rapidol and Kinky in South Africa.
Asked about the size and financing of future buyouts, Godrej said: “Financing is not a problem because Godrej Consumers (and Products Ltd) is a cash-rich company so finance would not be a problem.”
He said the company will continue to acquire in the hair care, household insecticides, toilet and soaps categories.
Besides, Godrej said the firm will continue to expand its portfolio in the domestic market.
“We are always adding new products, launching products. Acquisitions abroad would not come in the way of our expansion in India,” he said.
GCPL had recently got board approval for raising Rs3,000 crore to fund its expansion plans. It has been scouting for acquisitions in the last few years and said it could spend up to Rs1,000 crore for the purpose.