Marico extends footprint to South Africa with Rs52 crore acquisition

Marico extends footprint to South Africa with Rs52 crore acquisition
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First Published: Wed, Oct 31 2007. 03 52 PM IST
PTI
Mumbai: Marico today entered the South African market with the acquisition of consumer division of Enaleni Pharmaceuticals Ltd, a Durban-based hair care company, for around Rs52 crore.
The acquisition was through a purchase of 100% shares in Enaleni Pharmaceuticals Consumer Division through a competitive bidding process, the company said in a press release today.
The South African company’s current annualized turnover is around Rs53 crore and it is present across segments such as hair relaxers, aftercare hairfood and hair conditioners.
Commenting on the acquisition, Marico group’s chairman Harsh Mariwala said this acquisition provided the group an opportunity to participate in the rapidly-growing market in South Africa.
“It helps us extend the Marico footprint to a new geography with potential, thus taking us a step further towards becoming a global player in beauty and wellness,” he said.
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First Published: Wed, Oct 31 2007. 03 52 PM IST