Godrej Consumer Products Ltd has completed the acquisition of a 51 per cent stake in African haircare company Darling Group Holdings.
The company made the announcement in a filing to the Bombay Stock Exchange.
Darling Group Holdings operates in 14 countries across Africa, selling hair extension products under brand names like ‘Darling’ and ‘Amigos’.
In June this year, Godrej Consumer Products Ltd (GCPL) had announced the acquisition of a 51 per cent stake in Darling Group Holdings for an undisclosed amount.
The company had said the acquisition will help scale up its operations in the region and will strengthen its position in the haircare market.
“The Darling Group enables us to take our presence in Africa to the next level... We believe that the strong share positions that the group brands enjoy will further accelerate our trajectory of sustainable profitable growth in the region,” GCPL Chairman, Mr Adi Godrej, had said.
Meanwhile, the shares of GCPL were trading at Rs 425 on the BSE, up 0.13 per cent from their previous close.