Marico South African unit acquires health care brand Ingwe
13 Aug 2010
According to personal care products maker Marico Ltd, its South African unit has acquired over-the-counter health care brand 'Ingwe' from Guideline Trading CC, South Africa. Marico did not disclose the sum involved in the transaction.
'Ingwe' has a turnover of Rs150 million, the company said in a statement.
Marico, started operations in South Africa in October 2007, and 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.
The company's South African business grew 34 per cent in FY10, with the overall size of the business at Rs638 million.
Indian consumer firms are increasingly looking to the African market faced with rising competition at home, to benefit from the rising demand to boost growth.
Marico shares rose 0.59 per cent at Rs118.6 in a Mumbai market that was up 0.52 per cent.
