Dabur India Ltd, which runs New U retail chain, announced that its Dubai-based subsidiary – Dabur International Ltd – has completed the acquisition of Turkey’s leading personal care products maker Hobi Kozmetik Group. With the completion of the transaction, Hobi Group has become a wholly-owned subsidiary of Dabur International Ltd.
PD Narang, group director, Dabur India Ltd, said, “The completion of this acquisition represents a significant step in our strategy to accelerate growth in the international market. The acquisition of Hobi Kozmetik is an important step towards further consolidating and expanding Dabur’s already substantial presence in the Middle East and North Africa region.”
“As with our previous acquisition and subsequent integration of Balsara and Fem, the Hobi transaction, too, offers substantial synergies for expanding the reach of Hobi’s brands in all our geographies,” Narang said. Ventura Partners was the investment banker operating on behalf of Dabur for this transaction, while Hobi’s investment banker was Raiffeisen Investment AG.
– IndiaRetailing Bureau