Mumbai-based FMCG, Marico Ltd has plans to increase its overseas business by almost 40 percent, that is, to Rs 1,000 crore over the next one-and-half years. The company is looking at acquisitions in Asia and Africa to expand its international businesses. Marico’s international businesses are currently estimated at Rs 700 crore and accounts for almost 25 percent of its total turnover.
“We are looking at acquisitions to boost our overseas businesses. These acquisitions will be in the beauty and wellness segment and we are looking at Asian and African countries such as, Thailand, Malaysia, Singapore and Kenya among others,” said Harsh Mariwala, Chairman and MD, Marico Ltd.
Marico has been on an acquisition spree since the last two years. It has recently acquired the Malaysian brand Code 10, Derma Rx in Singapore via wholly-owned subsidary, Kaya Ltd, Ingwe in South Africa, and has also taken 85 percent stake in International Consumer Products Corporation (ICP) of Vietnam.