FMCG major Godrej Consumer Products LtdBSE 0.83 % (GCPL) has made Kenyan firm Charm Industries as its wholly-owned subsidiary by acquiring the rest 49 per cent share for an undisclosed amount.
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 IndustriesBSE 4.81 % Ltd,” the company said.
It further said: “The entity will scale up wet hair care business in East Africa using the Strength of Nature Brands,” it added
According to the company, the 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 of which it has bought 49 percent shares.
“The consideration is payable in cash. In view of confidentiality, the amounts are not disclosed,” GCPL said.
Incorporated in Kenya, Charm Industry had a turnover of USD 1.85 million in FY 2015-16.
