Consumer goods maker Emami Ltd said on Friday it has increased its stake in Australian unit Fravin Pty Ltd to 85% from 66.67%.
The company holds the stake in Fravin through its Dubai unit Emami International FZE. It didn’t disclose financial details of the transaction in a stock-exchange filing.
Emami had acquired 66.67% of Australian organic personal care products maker Fravin for an undisclosed sum in January last year. This was the first overseas acquisition by the firm in four years, after it took over Egypt's Pharma Derm in 2011.
In June last year, Emami agreed to acquire hair and scalp care business under the brand Kesh King at an enterprise value of Rs 1,651 crore ($259.3 million).
Emami, set up in 1974, has about 250 products based on ayurvedic formulations. It operates in 63 countries in Asia, Europe, and Africa. Its brand portfolio includes BoroPlus antiseptic cream, Navratna hair oil, Fair and Handsome cream and Zandu pain relieving balm. Fravin has an R&D and manufacturing plant in Adelaide, the capital city of South Australia.
Shares of Emami jumped 6.2% on Friday to close at Rs 1,039.20 apiece on the BSE in a flat Mumbai market.
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