New Delhi: FMCG firm Dabur India today said it has formed a new entity, Dabur Lanka Pvt Ltd, as part of a strategy to strengthen its presence in Sri Lanka.
In a filing to the Bombay Stock Exchange (BSE), Dabur said Dabur Lanka has been incorporated under its wholly-owned subsidiary, Dabur International, which manages the company’s overseas operations.
“Accordingly, Dabur Lanka Pvt Ltd has become company’s step-down subsidiary company,” Dabur India said.
As part of its plans for the island nation, Dabur is in the process of setting up a manufacturing facility which is expected to start production by the end of this fiscal.
According to company officials, Dabur currently does not have a significant presence in Sri Lanka.
However, it has identified the country as one of its focus markets in the coming years.
Around 22% of the company’s sales come from international markets, including African nations, Nepal and Bangladesh.
Dabur, which sells personal care and healthcare products under brands like Dabur and Vatika, registered sales of Rs 4,110 crore last fiscal.
The company’s scrips were being quoted at Rs 104.20 per share in afternoon trade on the BSE today, up 1.41% from their previous close.