New Delhi: FMCG firm Vanesa Inc, which sells Denver brand deodorants and perfumes, today said it will invest up to Rs 150 crore over the next three years on acquisitions and expansion into overseas markets.
The city-based company is aiming for an 80% jump in turnover to over Rs 350 crore this fiscal.
“We are planning to invest in other countries and take the brand to eastern European and African countries. We are also looking at acquisitions and maybe collaborations with local distributors over there,” Vanesa Inc director Saurabh Gupta said.
Asked how much the company will spend on acquisitions, he said it would be around Rs 100-150 crore in the next three years, primarily on buying firms or brands in the FMCG sector.
“We are looking to acquire small to medium scale FMCG firms with popular brands and a strong distribution network and also with a good understanding of local consumers,” Gupta said.
In addition, the firm — which is also planning to introduce more deodorant and personal care brands this year — said it has invested Rs 60 crore on doubling its production capacity to 15 million deodorants per year.
“We have recently acquired a new plant, which is under set up right now... This will give a capacity of twice of what we have right now. With this new facility, we will be able to manufacture about 15 million deodorants every year,” he said.
At present, the company has three plants in Himachal Pradesh. It sells deodorants, perfumes and personal care products under the ‘Denver´ and ‘Vanesa´ brands, among others.
He said the company is also looking for an initial public offering (IPO) in the next three years, but declined to give further details on the proposal.