Mumbai, Jan. 3
MARICO Ltd announced today that it has acquired the herbal bath soap brand Manjal from Oriental Extractions Pvt Ltd for an undisclosed amount.
According to a senior official of the company, this brand has a significant presence in the Kerala market.
This brand has an annualised turnover of about Rs 9 crore, largely in Kerala, with a growing market share.
"Manjal's brand equity owes its strength to its unique turmeric based formulation, which gives the consumer a superior bathing experience," the company said.
The soap has been until now marketed under the banner of S D Pharmacy, a sister concern of Oriental, with over 65 years of expertise in Ayurvedic proprietary medicines and OTC products in Kerala.
Earlier this year, Marico had acquired a clutch of soap brands in Bangladesh Camelia, Magnolia and Aromatic-to signal its entry into the toilet soaps market in Bangladesh.
Manjal is expected to do better in future through an expansion of reach with the company's network, as also with a better leveraging of the quality of the soap and its positioning, Marico said quoting its Chairman and Managing Director, Mr Harsh Mariwala.
Shares of Marico edged up by Rs 1.25 to Rs 388.25 on BSE.