Wipro to acquire Singapore’s LD Waxson Group for Rs790 crore
08 Dec 2012
Diversified group Wipro Ltd today announced definitive plans to acquire full control of Singapore-based consumer goods company LD Waxson Group for about $144 million (around Rs790 crore) as it expands its consumer goods and energy business.
Wipro has already signed a definitive agreement to acquire 100 per cent stake in the fast moving consumer goods (FMCG) company, in all all-cash deal, the company said in a release.
The acquisition of LD Waxson Group will give Wipro ownership of skincare brands Bio-essence and Ginvera. The company's Bio-essence Face Lifting Cream has been the top selling facial care product in Singapore since 2004. Bio-essence is also the fourth best selling facial care brand only after the top three international brands.
Wipro expects the transaction to close within the next 60 days.
It would also expand Wipro's portfolio of facial skincare products and expand its reach to markets like Singapore, Malaysia, Thailand and China.
''We see LD Waxson as a good strategic fit. This transaction helps us consolidate our successful facial skincare business in Malaysia to a dominant leadership position, and moves us to market leadership in Singapore as well,'' Vineet Agrawal, president of Wipro Consumer Care and Lighting, said.