Cosmetics and consumer goods company Marico Ltd has acquired the consumer
division of South Africa''s Enaleni Pharmaceuticals Ltd for about Rs52 crore.
said it plans to finance the deal through a US dollar-denominated term loan.
deal, clinched through a bidding process, marks Marico''s entry into the South
African haircare market, India''s top hair-oil maker said in a statement.
helps us extend the Marico footprint to a new geography with potential, thus taking
us a step further towards becoming a global player in beauty and wellness,"
chairman Harish Mariwala said.
manufactures and markets the Parachute, Nihar hair-oil brands and the Saffola
edible-oil label in India.
would use the money from the sale to reduce debt and fund pharmaceutical growth,
the South African company said in a separate statement.
had, in June, said it planned to exit the consumer and vitality business to focus
consumer goods division includes manufacturing facilities at Mobeni, Durban and
a 100-member team, Marico said.
unit makes hair relaxers, after-care hair food and hair conditioners, and annualised
revenue was about Rs53 crore, Marico said, adding, the market for hair care products
in South Africa is estimated to be in the region of Rs600 crore and growing at
more than 20 per cent annually.
2006, Marico acquired Egyptian haircare brands, HairCode and Fiancee. Marico currently
has more than half the Rs170 crore pre- and post-wash hair care segment in Egypt.