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Kolkata-based FMCG major Emami Ltd on Thursday announced that it has acquired a controlling stake of 66.67 per cent in Fravin Pty Ltd, along with its three subsidiaries.
Fravin Pty is an Australia-based natural and organic personal care company. The group (Fravin) manufactures a full range of hair care and skin care products that are certified organic by various certification bodies.
According to a release issued by Emami Ltd, the acquisition was made through its subsidiary Emami International FZE. Emami’s International business division contributes around 14 per cent to the total FMCG business.
The acquisition marks the Kolkata-based FMCG major's entry into the fast growing natural and organic personal care segment and is in line with the company’s strategy to be present in sectors with high growth potential.
"The Fravin acquisition is in sync with the company's strategy to grow both organically and inorganically in India and overseas," Harsh Agarwal, Director, Emami Ltd, said.
According to him, the global market for organic products was over $7.6 billion in 2013 and is expected to double in six years.
Shares of FMCG player Emami Ltd flared up to a new 52-week high after the company announced that its UAE-based subsidiary had secured a controlling stake in an Australian company involved in the production of organic and natural personal care products.
Shares of Emami flared up to a new 52-week high of ₹929.95 on the NSE before easing to ₹907.70, a gain of ₹47.85 or 5.56 per cent.
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