FMCG player Godrej Consumer Products (GCPL) expects a five-fold jump in its sales in Africa to Rs 1,000 crore in the next two years, post the completion of the recently-announced acquisition of hair care company Darling Group Holdings.
On June 1, GCPL had said it will acquire 51 per cent stake in African FMCG firm Darling Group in a phased manner in the next 24 to 30 months.
“Sales in Africa would be about Rs 200 crore currently and by the time it (the acquisition) is completed it will be around Rs 1,000 crore plus...this is a much bigger acquisition than our past acquisitions,” GCPL Chairman Adi Godrej said.
The Darling Group is one of the market leaders in hair extension products across Africa with annual revenue of USD 200 million and has been growing at about 15 per cent in the last five years.
“The Darling Group enables us to take our presence in Africa to the next level. Our aspiration is to touch the lives of at least a 100 million consumers across Africa in the next five years,” Mr. Godrej said.
In the last four years, GCPL said it has made three acquisitions in Africa, including Kinky and Rapidol in South Africa and Nigeria’s personal care firm Tura.
