In line with its strategy to grow its business through acquisitions, Godrej Consumer Products Ltd (GCPL), through its subsidiary, has increased its stake in DGH Phase Two Mauritius to 90 per cent from 51 per cent.
“The consideration is payable in cash. In view of confidentiality, the amount has not been disclosed,” GCPL said in a filing with the stock exchanges. GCPL said it is not a related party transaction and no approvals are required for the deal.
DGH Phase Two, an investment holding company, owns Style Industries Ltd, Kenya. For the financial year 2015, DGH reported a total income of $2.7 million and the company was incorporated in May 2012.
Style Industries Ltd is located in Nairobi, Kenya and is into hair accessories among other businesses.
GCPL, which acquired two companies in Africa since January 2015, is expanding its presence in the region, one of its main areas of operation, apart from India and Indonesia.
Apart from acquisitions, GCPL is also in the process of increasing its stake in subsidiaries to generate more revenue for the company.
The GCPL stock on Wednesday closed with a gain of 0.03 per cent at Rs 1,253.25 on the Bombay Stock Exchange.
GCPL has acquired two companies in Africa since Jan 2015, and is expanding its presence there
