Emami ready to spend up to 1,000-cr for overseas buys

Emami ready to spend up to 1,000-cr for overseas buys

Mumbai: Leading FMCG player Emami is ready to spend up to Rs1,000-crore for overseas acquisition in the personal-care segment, a top company official said.

Kolkata-based Emami owns the well-known ayurvedic brand - Boroplus, an antiseptic cream.

The company had, early this year, acquired an Egyptian personal-care manufacturer for around Rs25-crore.

“We are in talks with 2-3 firms in Africa as well as a few companies in Europe and the Middle-East. The deal size could range anywhere between 50-crore-1,000-crore. However, talks (with these companies) are in the preliminary stages now," Emami’s director Harshvardhan Agarwal told PTI in Mumbai today.

Emami has already announced that it has got its Board approval to raise long-term resources up to Rs2,000-crore through issue of securities and that the limit of borrowings has been increased to Rs3,000-crore from the earlier Rs1,500-crore.

“The company has comfortably arranged enough funds to take care of its future acquisitions, both domestic and overseas," Agarwal said.

The diversified Emami Group with interests ranging from FMCG to power, is now aggressively looking to expand its global footprint in the FMCG space in a bid to take on its direct competitor, Dabur.