BENGALURU: WiproBSE -0.02 % consumer care and lighting’s Singapore arm has acquired a Chinese FMCG company Zhongshan Ma Er Daily Products Ltd in an all-cash deal for an undisclosed amount.
This is the Bengaluru-based company’s 10th acquisition and it took about six years to consummate the deal. Post this acquisition, Wipro Consumer Care international business is expected to grow from 51% to 55%.
Zhongshan Ma Er has its presence in China and Hong Kong and its brand portfolio includes personal care brands Enear, Zici, and Vcnic, comprising bath & shower products, and fabric care brands Pahnli and Sunew.
“We don’t plan to bring these products to India, but we will bring in formulations and enhance our portfolio brands,” said Vineet Agrawal, Chief Executive Officer of the company.
Currently, the transaction is subject to regulatory approvals. BNP ParibasBSE -0.89 % acted as the exclusive financial adviser to Zhongshan Ma Er.
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Source: Economic Times