Indian FMCG manufacturer Dabur has announced the planned acquisition of South-African based CTL Group’s personal and hair care businesses for Rs10 crore (US$1.5 million), according to a report published by Money Control.
The acquisition will further consolidate Dabur’s entry into the South African market after its acquisition of Discaria Trading earlier this year. The deal covers CTL’s development, manufacturing, packaging and sale of personal care products as well as certain equipment and immoveable property.
“With this acquisition, Dabur has consolidated its position as a leading player in the global personal care products market. This acquisition represents a significant step for Dabur in our strategy to accelerate growth in the international market, particularly Africa,” Dabur India CEO Sunil Duggal told Money Control.
“This strategic acquisition, which will help advance our personal care business in Africa, ushers in a new and exciting era of robust growth at Dabur. We expect this transaction to provide a tremendous platform for value creation in Africa.”