Attempting to augment its market share in the consumer care segment, Wipro Consumer Care and Lighting said it has invested more than $1 billion to fund 15 Fast Moving Consumer Goods (FMCG) acquisitions since 2003.
The company on Tuesday acquired personal care brands Jo, Doy, and Bacter Shield from VVF (India) Ltd., a contract manufacturer, marking Wipro’s third acquisition in 12 months.
These three brands together recorded a revenue of more than ₹210 crore for VVF during FY23. Wipro Consumer Care and Lighting officials termed it “100% acquisition,” however, refused to divulge details regarding the cost and terms of the deal.
Originally founded by Godrej Pallonji Joshi in 1939 as The Vegetable Vitamin Foods Company in Mumbai, VVF Ltd. is contract manufacturer of bar soaps with a production capacity of 300,000 metric tonnes annually in manufacturing plants across four continents, as per the company’s website.
Neeraj Khatri, Chief Executive, Wipro Consumer Care and Lighting, India, and SAARC Business said, the acquisition would be a strategic expansion for Wipro in the personal wash segment. Jo toilet soap is currently sold in Northern, Eastern and Western states of the country. Doy operates in the premium, pitched against glycerine rich brands like Pears and Dove, while Bacter Shield has an antibacterial range of soap and handwash, he said.
“Growing at double digits we want to double the revenues of these brands in the next three years,’‘ Mr. Khatri said while addressing a media conference here.
The country’s toilet soap industry is pegged at ₹22,000 crore of which Wipro has a share of 11% with its flagship brands Chandrika and Santoor commanding a significant presence.
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