Godrej Consumer Products Ltd (GCPL) has increased its stake from 90% to 95% in two Mauritius-based units - Godrej West Africa Holdings Ltd (GWAHL) and Darling Trading Company Ltd (DTCL).
The Mumbai-based firm paid $13.80 million (approximately Rs 97.89 crore at current exchange rates) for GWAHL, with a further $7 million (around Rs 49.65 crore at current rates) for increasing its stake in DTCL, GCPL said in a stock-exchange filing.
The FMCG company, which is a part of the larger Godrej conglomerate, expects both transactions to be completed by the end of this month.
GWAHL, which is an investment holding company that was incorporated in February 2014, holds 100% in South Africa-based Subinite Pty. Ltd and Mozambique-based Weave Mozambique LTDA, both of which are in the ethnic care business. GWAHL also fully owns Weave IP Holdings Mauritius Ltd.
DTCL, which is an investment holding company that was incorporated in January 2015, holds a 100% stake Dubai-based Godrej Consumer Products International FZCO, which runs hair fibers business, the statement said.
The firm focusses on building a presence in emerging markets in Asia, Africa and Latin America. It operates brands such as Good Knight, BBlunt, Godrej Aer and Cinthol, according to its website.
In August last year, the company sold its UK-business to the London-based private equity firm JZ International for £34 million (about $44 million or Rs 313 crore). At the time, GCPL chairperson Nisaba Godrej said the decision is guided by the company’s “3 by 3 approach”, which focuses on three categories—home care, hair care and personal care—in the Asia, Africa and Latin American regions.
Similarly, in July last year, the publicly-listed company sold its diaper brand, Snuggy, to Nobel Hygiene Pvt. Ltd for an undisclosed sum of money. It originally acquired Snuggy from Shogun Diapers in 2003.
