In a bid to take on its direct competitor, Dabur, Kolkata-based FMCG major, Emami, is planning to expand its global footprint by spending up to Rs 1,000-crore for an overseas acquisition in the personal-care segment.
“We are in talks with 2-3 firms in Africa and few companies in Europe and the Middle-East. The deal size could range anywhere between Rs50 to Rs1,000-crore. However, talks (with these companies) are in the preliminary stages now. The company has comfortably arranged enough funds to take care of its future acquisitions, both domestic and overseas,” Harshvardhan Agarwal, Director, Emami, was quoted as saying.
Emami has announced that it has got its Board approval to raise long-term resources of up to
Rs2,000 crore through issue of securities. It also revealed that the limit of borrowings has been increased to Rs3,000 crore from the earlier Rs1,500 crore.
The company had, early this year, acquired an Egyptian personal-care manufacturer for around
Rs25-crore.
Posted on:1.12.2010
Source: www.economictimes.com
