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Jyothy Laboratories today said its subsidiary has fully acquired Delhi-based laundry player Diamond Fabcare Private Ltd (DFPL) for an undisclosed sum. Jyothy Fabricare Services Ltd (JFSL), a subsidiary of Jyothy Laboratories Ltd (JLL), has acquired a 100 per cent stake in the Delhi—based laundry player DFPL, the company said in a statement.
The acquisition comes within a week of JLL acquiring a 14.9 per cent stake in Henkel India for Rs 60.73 crore.
“In a move to enhance our growth geographically and spread our reach in the Northern belt, we acquired the Delhi-based laundry major,” Jyothy Laboratories CMD, Mr M.P. Ramachandran, said.
FPL has 62 outlets across Delhi, Noida, Gurgaon and Ghaziabad. The Delhi-based laundry player has a significant presence in the institutional and retail segments, with ‘Wardrobe’ being its most popular brand.
“There is lot of synergy between us and Diamond Fabcare. Our expertise and domain knowledge will help us to further grow the Northern market,” Mr Ramachandran added.
Shares of Jyothy Laboratories were trading at Rs 204.90 apiece in the late afternoon on the Bombay Stock Exchange today, up 3.02 per cent from their previous close.
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