FMCG major Godrej Consumer Products Ltd (GCPL) has made Kenyan firm Charm Industries as its wholly-owned subsidiary by acquiring the rest 49 per cent share for an undisclosed amount.
According to a PTI report: The Godrej group firm earlier had 51 per cent share in the manufacturing company, GCPL said in a BSE filming.
“The company through its subsidiary, has increased its stake from 51 per cent to 100 per cent in Charms Industries Ltd,” the company was quoted by PTI as saying.
It was further quoted by PTI as saying: “The entity will scale up wet hair care business in East Africa using the Strength of Nature Brands.”
According to the company, transaction would be completed with “immediate effect” as “no approvals” are required for that.
The buyout is in cash, however, GCPL did not share the amount for which it has bought 49 per cent shares.
“The consideration is payable in cash. In view of confidentiality, the amounts are not disclosed,” GCPL was quoted by PTI as saying.
Incorporated in Kenya, Charm Industry had a turnover of USD 1.85 million in FY 2015-16.