Godrej Consumer Products Limited (GCPL) has acquired 100 per cent stake in Godrej Global Mideast (GGME) for Rs 5.8 crore. GGME was established in Sharjah Airport Free Zone in 1997 in order to market the FMCG range of items from Godrej across the Gulf region.
The company is a 100 per cent subsidiary of Godrej International and has a strong network of regional distributors and sales workforce in countries like Oman, Kuwait and Bahrain. The annual turnover of GGME for the financial year 2006-07 was Rs 9.70 crore.
Godrej Group Chairman Adi Godrej said, “This acquisition will enable GCPL to consolidate its presence in the Gulf Cooperation Council (GCC) countries and the Middle East region.”
GCPL has announced that it would leverage the marketing, sourcing and distribution platforms of GGME to introduce Godrej products in the GCC and the Middle East, on the lines of products like Keyline of the United Kingdom and Rapidol of South Africa.