India: Wipro acquires Zhongshan Ma Er Daily Products
Indian-based company Wipro Consumer Care and Lighting has acquired 100% of Chinese FMCG company Zhongshan Ma Er for an undisclosed amount.
Wipro focuses on products including soaps, toiletries, personal care & baby care and has a presence in countries such as India, Malaysia, Indonesia, Vietnam, China, as well as the Middle East. With this new acquisition, China will become Wipro’s third largest market behind India and Malaysia.
The deal includes the personal care brands Enear, Zici and Vcnic and the fabric care brands Pahnli and Sunew.
Commenting on the transaction, Chen Rui Qiang founder Zhongshan Ma Er said: "This gives us immediate access to resources that will help us fuel faster growth in our business, and enable us to unlock the true potential of our brands".
Previously, Wipro had spent around $600 million over 13 years acquiring multiple consumer goods firms, according to a report in Live Mint.
Source: Wipro / Economic Times / Live Mint