Mumbai: Godrej Consumer Products plans to raise soap prices by about 10% in the remaining months of the current fiscal on costly palm oil, its chairman said on Friday.
“Palm oil prices have come-off slightly but it still isn’t enough and still there is a significant pressure on margins,” Adi Godrej told Reuters.
Godrej Group chairman Adi Godrej.
The company’s joint venture with US-candy maker Hershey was “very much on” he said, adding new products would be launched going forward.
In July, the Economic Times newspaper had reported the company and Hershey’s have called off their joint venture and Hershey’s will sell its 51% stake to Godrej Consumer for an undisclosed amount.