India: Godrej to expand presence in Africa
Household and personal care firm Godrej is set to expand its presence on the continent of Africa with the acquisition of two haircare firms, according to a report in Progressive Grocer India.
The Indian firm, through its Africa-based subsidiary Darling Group, has reportedly acquired 100% of the shares in a company called Hair Credentials Zambia, and 51% in Weave Senegal.
Godrej will pay "nil consideration for acquisition as the target entities are newly formed and will be capitalised as required for their operation from time to time”, the firm is quoted as saying, adding: “The target companies will now start their operations in the respective geographies".
The move comes as Godrej looks to ramp up its presence in Africa and other international markets, having already acquired the US haircare firm Strength Of Nature in April, and the Kenyan home and personal care firm Canon Chemicals in Februrary of this year.
Source: Progressive Grocer India