Dabur India on Monday announced the acquisition of Turkey-based personal care products company Hobi Kozmetik Group for $69 million (about Rs. 310 crore).
Its overseas subsidiary Dabur International has acquired 100 per cent stake in three Hobi Group firms — Hobi Kozmetik, Zeki Plastik and Ra Pazarlama.
“The acquisition of Hobi Kozmetik, to be completed by the third quarter of 2010-11, is a step towards further consolidating and expanding our already substantial presence in the Middle East and North Africa region,” said Dabur Chairman Anand Burman.
Set up in 1974, Hobi Kozmetik is a leading manufacturer of personal care products in Turkey. The company is a market leader in the hair gel category with a 35 per cent share, and markets a wide range of hair care and skin care products under the ‘Hobby' and ‘New Era' brands.
Its products are sold across 35 countries, including the Middle East and North Africa.