Marico unit buys South African health brand ‘Ingwe’

Marico unit buys South African health brand ‘Ingwe’

Mumbai: Personal care products maker Marico Ltd said on Friday its South African unit has acquired over-the-counter health care brand ‘Ingwe´ from Guideline Trading CC, South Africa, for an undisclosed sum.

‘Ingwe’ has a turnover of Rs15 crore, the firm said in a statement to the exchange.

Marico, which had entered South Africa in October 2007, currently has hair care brands Caivil, Black Chic and healthcare brand Hercules in that market.

“It (Ingwe) complements the Hercules range. I am confident this acquisition will strengthen our distribution reach...and step up our growth momentum," John Mason, managing director, Marico, South Africa, said in a statement.

Marico’s South African business recorded a 34% growth in FY10, with the overall size of the business at Rs63.80 crore.

Indian consumer firms, faced with rising competition at home, are eyeing the African market where rising demand is seen boosting growth.

Shares of the firm ended 0.59% up at Rs118.6 in a Mumbai market that ended up 0.52%.