New Delhi: Continuing with its focus on Africa, FMCG firm Godrej Consumer Products Ltd on Tuesday hiked its stake in hair extension brand Darling South Africa and Mozambique businesses to 90 per cent.
"The company has entered into an agreement with the Darling Group for increasing its shareholding in Darling South Africa and Mozambique businesses to 90 per cent in line with its intent of gradually scaling up its ownership of the Darling businesses," GCPL said in a filing to the BSE.
It has been acquiring brands, especially in Africa, mostly targeting local firms in emerging markets.
Last month, the company also fully acquired South Africa's hair extensions firm Frika Hair (Pty) Ltd for an undisclosed sum in order to consolidate its position in the South African market.
GCPL had said its Africa business currently has annualised revenues of $200 million.
It acquired 51 per cent stake in Darling South Africa in September 2011 and in Darling Mozambique in October 2011.
Darling Group Holdings operates in 14 countries across Africa, selling hair extension products under brand names like 'Darling' and 'Amigos'.
Besides having stake in Darling Group, GCPL had also acquired South Africa's Kinky Group in 2008 and hair colour brand Rapidol in September 2006.
Kinky offers a variety of products, including hair, hair-braids, hair pieces, wigs and wefted pieces.
The Mumbai-based firm had also acquired Nigeria's personal care brand Tura for an undisclosed sum in 2010. Tura's product range includes soaps, moisturising lotions and skin-toning creams.