Emami Ltd formally announced acquisition of a manufacturing unit in Egypt. The company, through an indirect subsidiary, bought 90.6 per cent of an Egyptian unit.

A company release said that its indirect subsidiary, Emami Overseas FZE, a recently floated and Dubai domiciled wholly-owned arm of Emami's subsidiary, Emami International, acquired controlling stake in a private and unlisted Egyptian company – SAE Co – which has a manufacturing base near Alexandria.

According to a top company official, negotiations with the Egyptian promoters since early last year for the acquisition were concluded recently.

This is the company's second acquisition manufacturing base for FMCG products in the North African and the Arabic-speaking West Asian markets. Emami had bought the first personal care product manufacturing unit, relatively smaller than the second in Egypt for around Rs 30 crore in the second half last year.

Emami Ltd's consolidated PAT at Rs 86 crore, grew by 9.6 per cent during the quarter to December 31, 2010, against the corresponding quarter in the previous year. The consolidated PAT (including that of Zandu parmaceutical Works) for the first nine months improved 33.6 per cent at Rs 174 crore year-on-year.

The third quarter (September-December) of the FY2010-11 saw consolidated turnover stand at Rs 406 crore, marking an increase by 14.9 per cent.

In the first nine months of the current year, the company's consolidated turnover at Rs 921 crore increased by 21.6 per cent.

>jayanta_mallick@thehindu.co.in

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