Home grown FMCG firm Godrej Consumer Products Ltd (GCPL) has decided to acquire the remaining 40 per cent stake in Chilean hair colour cosmetics company Cosmetica Nacional for an undisclosed amount, according to a stock market disclosure.
Mumbai-based GCPL had acquired 60 per cent stake in Cosmetica Nacional in January 2012.
Founded in 1979, Cosmetica Nacional produces and markets hair colours and cosmetics, and offers hair, nail, and skin care products.
GCPL has been consistently strengthening its presence in hair care business, a segment where it has products spread across the hair colour, hair dye, mehendi and hair oil.
Majority of its acquisitions in the business have been overseas, including a bunch of them located in Africa and a few in Latin America.
Earlier this year, GCPL agreed to acquire hair extension business from the South Africa-based Frika Hair (Pty) Ltd, a market leader in the organised retail with a strong presence in the Western Cape, Eastern Cape and Gauteng regions of South Africa, for an undisclosed amount.
In February, it signed an agreement with the African hair care company Darling Group Holdings to hike its stake in its two entities in South Africa and Mozambique to 90 per cent. Last year in March, GCPL had acquired 4.63 per cent each in the South Africa and Mozambique entities. Post this, the FMCG firm held 55.6 per cent stake in both units.
IT had previously struck a multi-geography deal to buy Darling Group.
GCPL's Africa business has annualised revenue of about $200 million.
Besides hair care products, GCPL is into household and other personal care products. Its brands include Good Knight, Cinthol, Godrej No. 1, Hit, Fairglow, Ezee and Protekt.
In January 2012, Singapore’s state investment firm Temasek had invested Rs 685 crore ($135 million) to buy 4.9 per cent stake in GCPL through a preferential allotment.